After news of Elon Musk buying Twitter was confirmed, the price of meme based currency Dogecoin, which is backed by the Tesla CEO has shot up to over 30%. Musk, who is known to be the driving force of the meme coin's price surge has bought Twitter by paying $44 billion to the microblogging site, which has over 217 million active users as of February. The SpaceX founder has often shared his opinion on matters related to the cryptocurrency created by Billy Markus and Jackson Palmer.
DOGE, which came to existence 8 years ago on December 6, 2013, is the first dog meme coin in the market created as a joke. Dogecoin has spiked 19% at 0.00008547 since its all time low, however, it still needs a big bull run to cross its record all-time high of 0.00008547, which is more than 77% less than the current price of Dogecoin.
With the sudden price surge of Dogecoin, the Shiba Inu competitor has even managed to flip Polkadot to become the 10th biggest cryptocurrency in the world by market value, according to a report shared by the whale-tracking website called WatcherGuru on Twitter.
Dogecoin Sees $20M Liquidations As Price Soars
Apart from its price soaring high, the meme crypto also saw $20.13 million in liquidations over the last 24 hours. According to CoinGlass data DOGE has also become the third most liquidated cryptocurrency after the world's largest and oldest crypto bitcoin (BTC).
Dogecoin Trading Price
At the time of publishing, Dogecoin was trading at $0.1644, which is a massive jump of +32.18% in a 24-hour trading period with a fully diluted market cap of $21,905,647,132, according to crypto exchange platform CoinMarketCap.