DOGEcoin gained 17% on Thursday as Tesla CEO Elon Musk moved closer to completing a takeover of Twitter. Musk has been a public supporter of the meme currency in recent years, and some suggest it could be added as a payment method on the network. Cosmos has also been trading higher, climbing 8 percent today.
Dogecoin (DOGE) was once again in the green on Thursday, as the token gained no less than 17% in yesterday’s session. The price surge comes as longtime meme currency supporter Elon Musk moved closer to finalizing his Twitter buyout.
In a statement released earlier today, Musk said, “The reason I acquired Twitter is because it is important to the future of civilization.“
DOGE/USD hit an intraday high of $0.08028 following the news, which comes a day after hitting a low of $0.0668. The meme currency is now trading at its highest point since August 17, with the relative strength index (RSI) also tracking long-term highs.
At the time of writing, the index is at 78.59, which is its strongest point since August 2021.
Another notable move in yesterday’s session was cosmos, which rose nearly 8% on Thursday. Less than 24 hours after hitting a low of $12.19, ATOM gained by exactly $1.00 in yesterday’s session.
The surge saw cosmos climb for a third consecutive session, hitting a seventeen-day high in the process.
Looking at the chart, the RSI also moved higher, hitting a high of 56.00, which is below a high of 58.80. This is the strongest point that price strength has reached since September 19, with moving averages also pointing up.
Many expect a crossover between the 10-day (red) and 25-day (blue) moving averages in the coming days, which could push prices even higher.