More than $2 billion flows into DOGE in two days, sending meme coin up 30%

Recent developments surrounding Elon Musk’s deal to buy Twitter (NYSE:TWTR) have sent Tesla CEO (NASDAQ:TSLA) (DOGE) CEO’s favorite cryptocurrency into a frenzy, now posting double-digit gains on the daily, weekly and monthly charts.

In fact, after Elon Musk updated his Twitter bio to “Chief Twit” and headed to Twitter headquarters, DOGE exceeded all expectations, including those of the crypto community. CoinMarketCapAccording to data retrieved October 27.

Specifically, decentralized finance (DeFi) assets have seen their market capitalization increase to $10.48 billion over the past two days, from $7.95 billion to $10.30 billion, or 29.56%, implying $2.35 billion injected into DOGE for 48 hours.

DOGE at market value for 7 days. source: CoinMarketCap

Dogecoin price hike

In addition to its weekly gain of 32.09%, Dogecoin price is up 18.13% on the day and is currently trading at $0.07768, making this coin the second largest gainer in 24 hours and third on the weekly chart.

DOGE 7-day price chart. source: quinphone

This is the first time in 10 weeks that the price of Dogecoin has risen above $0.072, with both DOGE option transactions and volume rising to August levels, according to a tweet and chart. published From the cryptanalysis platform feelings On October 26.

Dogecoin transactions and trading volume. source: feelings

In fact, DOGE had a trading volume of 1.18 billion and recorded as many as 462 transactions worth more than $100,000, as the chart shows. The platform also noted that “markets generally pull when the memcoin is decoupled.”

Musk’s confidence in the Twitter deal

As Coinphony previously reported, the price of Dogecoin initially rose by more than 10% after Musk told fellow investors that he plans to close the Twitter purchase by October 28.

Later, Elon Musk made it clear that he thought the deal would work out for him by updating his Twitter bio to “Chief Twit” and entering Twitter headquarters in his own style:

Meanwhile, Dogecoin also recorded a rise in the total number of unique addresses bearing DOGE on the network, adding nearly 100,000 in three months, while campaign activity surged in early October when Musk turned Twitter’s business.

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The post featured over $2 billion in flows on DOGE in two days pushing Meme Coin 30% higher for the first time on Coinphony.

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