Dogecoin (DOGE) maintained its upward price movement for the second day in a row, rising to a new monthly high of $0.08022 today.
After a brief decline, Dogecoin is currently trading at around $0.077 per coin, up to 16.7% over the previous day. Over the same time period, trading volumes also soared by 196%.
In terms of weekly gains among the top 20 cryptocurrencies by market cap, DOGE has increased by more than 31%. With a market cap of $10.5 billion, Dogecoin is the tenth-largest cryptocurrency and is only over $1 billion away from overtaking Solana (SOL).
The previous day, bets in Dogecoin futures worth around $8.69 million were closed. Bloated short positions accounted for the majority (78.81%) of Dogecoin liquidations. Shiba Inu (SHIB), a meme coin that competes with Dogecoin and is trading at about $0.00001123, has likewise increased by over 7.85 in the last day.
The two most popular cryptocurrencies, Bitcoin (BTC) and Ethereum (ETH), both saw moderate rises of 1.6% and 2.3% during the last day.
Elon Musk’s recent remarks about buying Twitter are probably the main cause of Dogecoin’s price movement.
Entering Twitter HQ – let that sink in! pic.twitter.com/D68z4K2wq7
— Elon Musk (@elonmusk) October 26, 2022
Dogecoin has received significant support from Tesla’s CEO, which has stoked investor interest.