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Over $2 billion inflows in DOGE in two days pushing meme coin 30% higher

Over $2 billion inflows in DOGE in two days pushing meme coin 30% higher

The recent developments around Elon Musk’s Twitter (NYSE: TWTR) purchase deal have sent Tesla (NASDAQ: TSLA) CEO’s favorite meme coin cryptocurrency Dogecoin (DOGE) into a frenzy, which now records double-digit gains on daily, weekly, and monthly charts.

Indeed, after Elon Musk updated his Twitter bio to ‘Chief Twit’ and strolled into Twitter headquarters, DOGE soared well beyond any expectations, including those of the crypto community at CoinMarketCap, according to data retrieved on October 27.

Specifically, the decentralized finance (DeFi) asset saw its market capitalization increase to $10.48 billion over the past two days, growing from $7.95 billion to $10.30 billion or 29.56%, which means that $2.35 billion was poured into DOGE over 48 hours.

DOGE 7-day market cap. Source: CoinMarketCap

Dogecoin price spikes

Adding to its weekly gains of 32.09%, the price of Dogecoin rose 18.13% on the day, and is currently changing hands at $0.07768, making this meme token the second largest gainer in 24 hours and third in weekly charts.

DOGE 7-day price chart. Source: Finbold

This is the first time in 10 weeks that the price of Dogecoin rose above $0.072, with both DOGE whale transactions and trading volume spiking to August levels, according to a tweet and chart posted by crypto analytics platform Santiment on October 26.

Dogecoin transactions and trading volume. Source: Santiment

Indeed, DOGE had 1.18 billion in trading volume, and recorded as many as 462 transactions worth more than $100,000, as the chart demonstrates. The platform also noted that “markets generally polarize when memecoins decouple.”

Musk’s confidence in Twitter deal

As Finbold earlier reported, the price of Dogecoin originally soared more than 10% after Musk informed his co-investors that he plans to close the Twitter purchase deal by October 28. 

Later on, Elon Musk made it clear that he believed the deal would be concluded to his advantage by updating his Twitter bio to ‘Chief Twit’ and walking into Twitter’s headquarters in his own style:

Meanwhile, Dogecoin is also recording a spike in the total number of unique addresses holding DOGE on the network, adding nearly 100,000 in three months, whereas whale activity soared in early October upon Musk making a U-turn on the Twitter deal.

Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk. 

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