A number of encouraging stimuli have been released recently, giving Dogecoin a significant boost as it keeps up its bullish momentum. Due to this, cryptocurrency with a canine theme has increased by 125% over the last week and by 129% over the past two weeks.
As of the time of publication, Coingecko’s tracking shows that the cryptocurrency is up 57% on the last day, trading at $0.134. The asset increased by as much as 80% during the course of the day, peaking at $0.145.
Many are speculating whether the hype surrounding Elon Musk’s takeover of Twitter is to blame for Dogecoin’s rally today. The billionaire is a superfan of Dogecoin, and even a single tweet mentioning the meme coin increases its value.
Analysts speculate that the so-called “Elon Musk Effect,” DOGE whale purchases, better market conditions, and other factors may have contributed to Dogecoin’s strong performance.
In terms of 7-day gains among the top 10 cryptocurrencies by market capitalization, Dogecoin, currently ranked eighth, outperformed Bitcoin, Ethereum, Cardano, XRP, and Solana.