Dogecoin, the famous and leading meme coin in the industry and Elon Musk’s favorite coin, increased more than 24% in the past week during speculation that it could play a part in Musk’s Twitter payment plans. Today, on the 1st of November, DOGE is currently, as of this writing, trading at around $0.1031, posting an increase of 24% on the weekly note, as per data from CoinGecko.
Seven days before today, the leading meme coin was trading at around $0.08189, and now it is trading at $0.1031. On the 29th of November, Dogecoin shot above the $0.1 mark and has held the increase in the days since. The famous meme coin DOGE now stands as the eighth-largest in the world by market capitalization.
The reason behind this hefty value increase of DOGE in the past week is the unconfirmed speculation that the meme coin may be used by Elon Musk in his plans for Twitter 2.0. It is expected that Dogecoin could be used as payment in Twitter 2.0. However, these speculations have been ongoing, and it is expected that the meme coin would post more gains in the upcoming days.
On the 27th of November, when Musk shared a slide deck on Twitter that included his plans for the platform, the initial increase for DOGE came. In these slides, one showed a payments section but had no image or further information on what would happen to the payment. As Dogecoin is Elon’s favorite coin, so many believe that Twitter’s new owner will use the meme coin as payment.
These rumors helped Dogecoin to become one of the week’s best performers in the crypto markets, and it recorded the biggest weekly rise of any of the top 50 cryptocurrencies. The coin which could have to compete with Dogecoin’s hefty performance was Huobi, which increased 22% over the past week, 2% below Dogecoin’s performance in the same period.