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Dogecoin (DOGE), the Shiba Inu-inspired meme token often associated with electric car mogul-turned-Twitter owner Elon Musk, was the top 150 digital asset in CoinDesk’s market index in October
DOGE rose 101% during the month, well ahead of the overall market’s 7%. Bitcoin (BTC), the largest cryptocurrency by market value, is up 5.5% in a month, while Ether (ETH) is up 18%.
Crypto analysts attribute the big jump in DOGE to Musk’s dramatic $44 billion takeover of Twitter — ostensibly linked to rumors that the deal could somehow eventually bring value or value to the Dogecoin blockchain and its eponymous cryptocurrency.
Musk used the phrase “Call me the Dogefather” during a May 2021 appearance on NBC. And in January 2021, Musk used Twitter to send out an image of himself holding a Shiba Inu puppy, the dog breed that inspired Dogecoin.
At one point, Musk suggested (perhaps jokingly, perhaps not) charging 0.1 DOGE for a subscription to advanced features on Twitter.
Dogecoin surged “amid the hype over Elon Musk’s takeover of Twitter,” digital asset investment fund QCP Capital wrote on Telegram on Monday.
“Musk’s tweets have caused price fluctuations in the past, even with one offer to use DOGE as payment for a Twitter subscription.”
Cathy Talati, head of research at crypto asset management company Arca Funs, said the recent spikes in Dogecoin trading were “largely driven by speculation,” similar to last year’s memcoin market frenzy.
“It’s the same way people trade GameStop and AM. This is a token that has generated a lot of retail interest,” Talati said.
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