DOGE: Dogecoin price climbs 20 percent as Elon Musk’s Twitter deal nears its end

The world’s largest meme currency, Dogecoin (DOGE), has seen a massive rise over the past two days. On Tuesday, the price of DOGE climbed 14 percent as the broader crypto market surpassed $1 trillion. Dogecoin (DOGE) continued its rise on Wednesday, gaining another 20%.

Dogecoin (DOGE) Price

Over the past 24 hours, the price of DOGE has risen 20.07%, trading at $0.079, with a market capitalization of $10.6 billion. This is the first time in the past 10 weeks that the price of DOGE has exceeded $0.070. In addition, the recent rally in DOGE’s price also comes against the backdrop of huge whale transactions.

DOGE’s daily trading volume reached $1.2 billion, with nearly 500 transactions worth $100,000 each. On-chain data provider Santiment reports:

Dogecoin surpassed $0.072 for the first time in 10 weeks, following #Ethereum’s breakthrough over the past two days. Trading and volume in the $DOGE whale has reached August levels. Markets typically polarize when #mecoins decouple.

According to Whale Alert data, nearly 407 million Dogecoins have been moved in the last 24 hours. This massive movement of the DOGE crypto-currency took place in two separate whale transactions. The first whale transaction involved a lump sum transfer of 107,755,489 DOGE. A few hours later, another whale transaction involved the transfer of 299,999,998 DOGE.

🚨 299,999,998 #DOGE (21,563,957 USD) transferred from unknown wallet to unknown wallethttps://t.co/dmo3SiRkI0

– Whale Alert (@whale_alert) October 26, 2022

Elon Musk moves closer to buying Twitter

Another reason for the Dogecoin community to rejoice is that Elon Musk will close on his purchase of Twitter early this week on Friday. A few hours ago, Elon Musk tweeted a video of his visit to Twitter headquarters, which was enough to get the DOGE community all fired up.

Entering Twitter HQ – let that sink in! pic.twitter.com/D68z4K2wq7

– Elon Musk (@elonmusk) October 26, 2022

Elon Musk has been a strong advocate of Dogecoin over the past few years. Several analysts believe that Musk may introduce DOGE transactions on Twitter in the near future. If this happens, it could pull the utility of the DOGE crypto-currency massively in the coming years.

As we reported, Elon Musk will close the acquisition of Twitter for $44 billion this Friday. Financial services firms Morgan Stanley and Bank of America Corp have offered $13 billion in debt financing to Musk to support the deal.

Binance CEO Changpeng Zhao has extended his commitment to accept Elon Musk’s takeover of Twitter.