Market Analysis Report (31 Oct 2022) PlatoBlockchain Data Intelligence. Vertical Search. Ai.

Market Analysis Report (31 Oct 2022)

The price of the meme-inspired cryptocurrency Dogecoin (DOGE) has surged after Tesla and SpaceX CEO, Elon Musk, tweeted out that the “bird is free,” referring to his successful acquisition of the microblogging platform Twitter.

Dogecoin’s price doubled in value after Musk’s acquisition, before enduring a small correction. Over the last 30 days the cryptocurrency’s price is up nearly 90%, significantly outperforming the rest of the market.

Search interest for Dogecoin exploded in 2020 before the cryptocurrency’s price exploded more than 10,000% during the 2021 bull run. The surge started as investors from the WallStreetBets subreddit attempted to get DOGE to trade at $1.

The fire was also  fueled by various celebrities, including Elon Musk, who joked about the cryptocurrency on social media. Musk’s support for DOGE has grown over time, with his company Tesla accepting DOGE payments on its website for specific products.

Musk has explained his support, saying DOGE “felt like the people’s crypto,” after saying he spoke to people on the production lines at Tesla and those building rockets and SpacEX and found that many owned DOGE.

The Twitter acquisition has notably also impacted other meme-inspired cryptocurrencies, including Shiba Inu and Dogechain.

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