• Dogecoin [DOGE] observed a significant rally in the past weeks.
• Speculation around DOGE and X.com, formerly known as Twitter, is contributing to this price surge.
• Social activity and sentiment around DOGE has increased significantly over the last week.
Dogecoin Sees Rally
Dogecoin [DOGE] was able to maintain a rally for the past few weeks despite the market’s instability and regulatory scrutiny faced by altcoins. Traders and investors of this meme-based cryptocurrency have persisted in accumulating significant amounts of DOGE, resulting in a 25% increase in its price over the last two weeks.
Elon Musk Plays Role
The recent rebranding and renaming of X (formerly known as Twitter) sparked speculation that Dogecoin may serve a larger purpose on the site in the future. Elon Musk did little to curb these speculations, instead further implying that memecoin will have an integral role on X by changing his profile location to “X” and “D” – which could be presumed to stand for Dogecoin.
Social Activity Increase
Due to all of the speculation, social activity around Dogecoin has shot up significantly. According to LunarCrush’s data, there was an 810% increase in mentions of DOGE over the last week, with 819% spike in engagements during the same period. The weighted sentiment surrounding DOGE also started moving upwards due to a decline in negative comments made against it on social networks.
Other Memecoins Lack Growth
Despite hype around X and Twitter beginning to rise, other memecoins such as SHIBA, FLOKI and PEPE fail to see similar growth compared to that of Dogecoin’s price rally.
Will DOGE Outplay Other Coins?
As speculation continues regarding Dogecoin’s potential role on X, traders are turning more optimistic towards its future prospects while other memecoins remain stagnant or experience losses – leaving many wondering if DOGE will outplay its competitors on this front or not?