© Reuters
Investing.com – The broader cryptocurrency market rallies on Tuesday, with the crossing above the key $40,000 threshold, but there is one crypto that stands out far more than the others, the , which is soaring over 22% over 24 hours at the time of writing.
Recall that the DOGE began to take off yesterday around 1 p.m., when it was worth $0.1250, then reached around 9 p.m. a peak just under $0.17, an increase of +36% in 8 hours, gains which were then reduced , with Dogecoin currently trading at $0.1570.
Note that this strong upward movement has allowed Dogecoin to regain its place in the Top 10 of the most important cryptocurrencies in terms of capitalization.
Find here the ranking of the most important cryptocurrencies
Regarding the reasons for this outperformance of Dogecoin compared to other cryptocurrencies, they are directly related to the announcement of the agreement of Twitter (NYSE:) for the takeover proposal formulated by Elon Musk, the boss of Tesla ( NASDAQ:).
The since last weekend were indeed confirmed yesterday, and Musk will therefore soon also be the boss of Twitter.
This has raised many hopes and speculations regarding Dogecoin. Indeed, Elon Musk is one of DOGE’s strongest supporters, and his acquisition of Twitter could pave the way for DOGE to be used on the social network in one form or another.
Earlier this month, Musk mentioned DOGE payments on Twitter in a tweet, offering dogecoin as one of the payment options for Twitter Blue, the site’s subscription service with premium features.
It should also be remembered that Tesla already accepts DOGE payments on its online merchandise store.
Finally, from a technical point of view, we note that the correction that took place during the night was stopped by a support around $0.15. On the upside, the first major short-term hurdle will be yesterday’s high at $0.17.