Dogecoin Price Surges 25% In Crypto Winter, What’s the Reason?

  • At press time, Dogecoin recorded a 117% surge in its 24h trading volume.
  • Dogecoin holds a fandom of 3.6 million on Twitter.
  • December 6 marks the 9th year in the crypto market.

Dogecoin, the largest memecoin and Tesla CEO Elon Musk’s favorite crypto, exhibited a 24% price surge since last week. The episodic spikes in DOGE’s price never fail to conquer the crypto community’s attention. 

DOGE 7-Day Price Chart (Source: CoinMarketCap)

Rationale Behind Dogecoin Price Surge?

No single event or action can be regarded as the prime reason behind the Dogecoin price surge. Predominantly, Elon Musk’s curious involvement continues to trigger the DOGE hype and contributes to short price spikes. Two years ago, in April, the new Twitter CEO Elon Musk’s reply to Dogecoin’s poll revealed his love for Dogecoin. Since then, Musk’s DOGE-friendly tweets aided the crypto asset’s price rallies. 

The extensive DOGE community clung to their famous slogan – “DOGE to the Moon”, storming Twitter. Moreover, Musk announced a crypto-funded satellite mission called “DOGE-1: Mission to the Moon” last November, provoking the creators of Dogecoin. 

After the Twitter takeover, Elon Musk announced various trial-and-error-led plans to enhance the microblogging site. Twitter Blue’s $8 monthly price tag raised enough speculations. Now, the rumored Twitter “crypto upgrade” is anticipated to cause the Dogecoin price to increase in the future.

The Musk-Dogecoin affinity initiated the launch of numerous memecoin such as Dogelon Mars (ELON), Dogs of Elon (DOE), elonDogeTwit, and so on. Memecoin projects attempted to grab the attention of Elon Musk to skyrocket their worth and fame. Interestingly one among them is the “Elon Goat token”. The EGT creators took a 30-ft Musk-based statue to Tesla’s Austin HQ. It combined Elon’s head with a goat’s body and notably, there was a collar with a Dogecoin mark. 




Disclaimer:
The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of TheCryptoArea. Every investment and all trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.

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