The leading meme coin is now trading at a little over $0.16 after briefly peaking at roughly $0.17 last night. Dogecoin’s market cap is just over $21 billion.
The week-long rally has been even more impressive. On March 30, DOGE was trading at $0.14, which, from trough to peak, marks roughly a 21% increase.
Despite the bullish surge, DOGE is still down from its all-time high of $0.73 in May 2021. At that time, the cryptocurrency joined a handful of other meme stocks like GameStop (GME) and AMC Theaters (AMC) in one of the more bizarre bull-run stories in financial history.
The most likely reason behind Dogecoin’s latest rise is the project’s close ties with Elon Musk and his strong influence over the price of DOGE—an influence which he often exercises on Twitter.
On Monday, Musk purchased a 9.2% stake in the social media firm, according to an SEC filing. The filing indicated that the Telsa chief had purchased 73,486,938 TWTR shares at $39.31, totaling more than $2.8 billion.
Looking forward to working with Parag & Twitter board to make significant improvements to Twitter in coming months!
Twitter’s CEO announced a day later that Musk had joined the board of directors. “He’s both a passionate believer and intense critic of the service, which is exactly what we need on Twitter,” said Parag Agrawal.