Dogecoin (DOGE), Elon Musk’s favorite cryptocurrency, has gotten a boost that pushed it to a nearly two-month high after the Tesla founder bought a 9.2% stake in Twitter (a US$2.8 billion stake) according to a U.S. Securities and Exchange Commission (SEC) filing released Monday, making him the company’s largest shareholder.
The cryptomeme, which has repeatedly received support from Musk via Twitter, is up nearly 6%, above US$0.1530, after reaching US$0.1553 following the announcement, its best price since February 9. As for the rest of the market, bitcoin maintains the consolidation of recent days, trading in a narrow range between US$45,000 and US$47,000 and the rest of the altcoins are in positive territory. Total capitalization remains at US$2.165 trillion.
Analysts speculate that, given Musk’s relationship with the currency and that many of the Tesla founder’s followers are supporters of the meme currency with the icon of a shiba inu dog, users expect Elon Musk to push the social media platform to adopt this token as a payment option and further integrate the currency. In fact, it already integrated DOGE as a form of payment for Tesla merchants, after which its value shot up 15% to US$0.20.
The meme coin could see a significant uptrend in the coming days if the bulls manage to feed above the 200-day SMA price. Recent Musk-related developments could be a major factor for an upside depending on further developments and announcements, and as the meme coin registers a high correlation with larger currencies, Bitcoin’s price movement will also be important for future action.According to CoinMarketCap, the price of Dogecoin at the moment of writing this article is US$0.170933 with a 24-hour trading volume of US$5,021,652,927. It is currently ranked number 11 in CoinMarketCap’s ranking, with a market cap of US$22,677,755,739. It has a circulating supply of 132,670,764,300 DOGE coins and the maximum supply is not available.
