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The first bit that investors will want to note about the DOGE rally is that it comes after overtaking Cardano (ADA-USD). This saw its market capitalization rise above ADA’s, which pushed it to the eighth spot in the list of cryptos ranked by market caps.
And it’s not like DOGE wasn’t rallying before that. The value of the token has been seeing solid gains over the last few days. This follows the successful acquisition of Twitter by Elon Musk.
Elon Musk has been a vocal supporter of Dogecoin, with Twitter being his platform of choice for sharing memes and updates about the crypto. This has many traders of the token seeing his purchase of the social media company as a win for DOGE.
Adding to this, Musk hasn’t slowed the brakes on posting Dogecoin memes, either. The new Chief Twit, and CEO of Tesla (NASDAQ:TSLA) and SpaceX, shared an image of a Siba Inu wearing a shirt with the Twitter logo today.
With all of this recent interest comes heavy trading. The 24-hour trading volume for DOGE is up 52.2% as of Tuesday morning. The crypto is also up 15.1% at that same time.
Investors seeking out more of the hottest crypto news are in the right place!
InvestorPlace has everything traders need to know about crypto markets today. A few examples include what’s going on with Argo Blockchain (NASDAQ:ARBK), DOGE price predictions, and more. You can catch up on all of that at the following links!
On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
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