The Dogecoin price rally extended further on Oct. 29 in hopes that the cryptocurrency would get a major boost from Elon Musk’s Twitter acquisition.
Dogecoin price jumped by nearly 75% to reach $0.146 on Oct. 29, its biggest daily gain since April 2021.
Notably, the memecoin’s massive intraday rally came as a part of a broader uptrend that started earlier this week on Oct. 25. In total, DOGE’s price gained 150% during the Oct. 25-29 price rally.
The surge was also accompanied by a decent increase in its daily trading volumes. This coincided with a spike in the number of DOGE transactions exceeding $100,000, according to Santiment. Both indicators suggest a growing demand for Dogecoin tokens among whales.
The jump across Dogecoin’s key metrics reflect investors’ excitement about Elon Musk’s Twitter acquisition on Oct. 27. Earlier this year, the billionaire entrepreneur had flirted with the idea of making Dogecoin a payment method to purchase the Twitter Blue subscription.
Musk’s Tesla and SpaceX organizations already accept DOGE payments for their merchandise.
Read more: cointelegraph.com