Dogecoin Price Exploded by 115% Last Week, Speculations Abound

Dogecoin (DOGE) has been increasing impressively in the past few days. According to data provided by CoinMarketCap, DOGE’s price has increased by around 115% in the past week.

Moreover, the popular memecoin is trading at $0.129 at the time of writing, up by 7% in the last 24 hours, per CMC data. Billionaire CEO Elon Musk’s favorite crypto asset outperformed the top cryptocurrencies — including Bitcoin (BTC) and Ethereum (ETH) which are up by 6.5% and 19% in the past week.

With this bullish run, DOGE flipped two of the so-called “Ethereum killers,” Solana (SOL) and Cardano (ADA), to become the 8th largest digital currency by market cap. Dogecoin’s market cap is roughly $17 billion at the time of writing, according to CMC data.

Community and billionaire support

With Musk’s Twitter acquisition, some of the top Dogecoin fans and investors believe that the popular memecoin might soon be used for payments on the micro-blogging platform. 

All #dogecoin needs now is an @elonmusk tweet to keep this momentum going lol 😅🚀

— SlumDOGE Millionaire (@ProTheDoge) October 30, 2022

#Dogecoin has a secret weapon that is about to be unleashed!

— Matt Wallace (@MattWallace888) November 1, 2022

While the Dogecoin millionaire Glauber Contessoto and Matt Wallace who are big fans of Musk and the dog-themed coin, Algorand's chief technology officer John Woods believes otherwise.

According to a U.Today report, Woods said that it “would be a shame” if Dogecoin is used on Twitter while there are “projects like Cardano and Algorand.”