Why did Dogecoin price rally over 100% in the past week?
Now with rife speculation that Musk would take steps to integrate DOGE into Twitter’s ecosystem for payments among other things, a rally in Dogecoin was somewhat expected.
- Nov 30, 2022,
- Updated Nov 30, 2022 7:12 PM IST
Dogecoin price has rallied over 100% in the past week, in fact it is up almost 150% as of writing over the past eight days.This can be partially attributed to Elon Musk’s aka “Dogefather” takeover of Twitter in a $44 billion all-cash deal, taking it off the bourses and now intends to make it a “global townhall”. This rally has put Dogecoin in the top 5 cryptos by market cap, excluding stablecoins - making a strong gain amid the current bear market. Now with rife speculation that Musk would take steps to integrate DOGE into Twitter’s ecosystem for payments among other things, a rally in Dogecoin was somewhat expected. But news comes and goes, but true rallies happen on more fundamental factors, and does Dogecoin have it to rally further?
Well it seems that it does, with positive news all across the board for the largest memecoin by market cap. On the metrics front, things look good all the way from a healthy hashrate level to rising supply in top 1% of addresses and the stability in the NVT ratio – all indicate one thing, that is Dogecoin price is geared up for a good recovery going forward. Along with that, we have positive technicals on the charts and we can definitely agree that DOGE has come out to be one of the top recovery candidates amongst the top cryptos by market cap.
Also Read: Why did Dogecoin price rally over 100% in the past week?
Dogecoin price has rallied over 100% in the past week, in fact it is up almost 150% as of writing over the past eight days.This can be partially attributed to Elon Musk’s aka “Dogefather” takeover of Twitter in a $44 billion all-cash deal, taking it off the bourses and now intends to make it a “global townhall”. This rally has put Dogecoin in the top 5 cryptos by market cap, excluding stablecoins - making a strong gain amid the current bear market. Now with rife speculation that Musk would take steps to integrate DOGE into Twitter’s ecosystem for payments among other things, a rally in Dogecoin was somewhat expected. But news comes and goes, but true rallies happen on more fundamental factors, and does Dogecoin have it to rally further?
Well it seems that it does, with positive news all across the board for the largest memecoin by market cap. On the metrics front, things look good all the way from a healthy hashrate level to rising supply in top 1% of addresses and the stability in the NVT ratio – all indicate one thing, that is Dogecoin price is geared up for a good recovery going forward. Along with that, we have positive technicals on the charts and we can definitely agree that DOGE has come out to be one of the top recovery candidates amongst the top cryptos by market cap.
Also Read: Why did Dogecoin price rally over 100% in the past week?