Cryptocurrency Dogecoin proved to be, pun intended, a winning underdog as its price nearly doubled throughout October of this year.
While considered a meme coin rather than a functional token, Dogecoin rode high on the news that billionaire Elon Musk finalized his $44 billion acquisition of Twitter last week, enabling it to hit a high of $0.1277 during trading on Tuesday, November 1st – the highest it has been since May of this year.
According to the most recent report from CoinGecko, this price jump represents a staggering 117% increase for Dogecoin over a two-week period, as well as 107% growth over the past 30 days.
This recent development enabled Dogecoin to rise up the industry ladder, ousting Cardano as the crypto field’s eighth biggest asset with a market capitalization of around $16.4 billion. To date, Dogecoin’s value is now nearly $2 billion higher than that of Cardano’s.
Ethereum, on the other hand, lagged behind the meme coin by a substantial margin at the end of October.
A Boost for Elon Musk’s Favorite Token
Long known as Elon Musk’s cryptocurrency of choice, Dogecoin was propelled into prominence when the tech mogul touted it as the industry’s next big thing. Musk also openly endorsed the token through his Twitter account several times in 2021.
Cheekily referring to himself as the Dogefather, Musk’s endorsement has been noted to have a positive effect on the token’s price. It even got to a point that the endorsements drove up the value to a high of $0.67 in May of last year.
Around the time his endorsement of Dogecoin led to the token’s record high, Musk posited an idea to the public that he could transform Twitter into a super app along the lines of WeChat in China. If this happens, there would be a need to integrate payments into the social media platform, which was widely hailed by numerous Dogecoin enthusiasts.
As of press time, however, Musk has yet to give any ideas – concrete and otherwise – as to where Dogecoin will fit into his working framework for Twitter.
Other Market Developments
Dogecoin wasn’t the only winner for October 2022. Polygon was one of the biggest gainers, with an increase of 17%; Binance Coin and Avalanche were not far behind, with gains of 14% and 11%, respectively.
Shiba Inu, another popular meme coin, saw its value increase by 12% last month, while Bitcoin had more modest growth at around 4.8%.