Dogecoin gains 25% in a week! What is behind the move?

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Dogecoin gains 25% in a week! What is behind the move?

Popular cryptocurrency meme token Dogecoin ($DOGE) recorded record 25% gains in the last week as Twitter CEO continued to update his followers on what the future might have in store for the popular social media platform.

As well as the distinct possibility of Dogecoin being used for micropayments on the site, Musk was quick to remind his followers that all being well, lunar satellite DOGE-1 will be going in to orbit in the first part of the new year.

Alongside other lunar payload IM-1/NOVA-C, DOGE-1 is to catch a ride with the SpaceX Falcon 9 which is set to take off from the Kennedy Space Centre, Florida on January 14th 2023.

The Doge moon mission was first announced by Elon Musk in May 2021 but delays related to the IM-1 lunar lander have mean that the project has been pushed back. The renewed interest seems to be behind last week’s surge in the price of Dogecoin.

Improved efficiency

The price of Dogecoin currently stands at $0.094 which with a market cap of $12.5 billion makes the coin the 8th most popular cryptocurrency in the world today. Despite a recent drop of 4.5% over the last 24 hours the price action for Dogecoin over the last 7 days makes the coin one of the top movers in the past week.

Elon Musk’s relationship with Dogecoin is well documented with previous tweets by the newly installed Twitter boss having a profound and immediate impact on the token price. As recently as 25th November Dogecoin rose over 8% in as little as 24 hours after popular cryptocurrency podcast host David Gokhshtein told his 700,000 followers that he believed that Ethereum co-founder Vitalik Buterin would soon be working alongside Elon Musk to improve the efficiency of Dogecoin.

Interestingly, Mr Buterin commented that Dogecoin developers ought to think of transforming to a Proof of Stake based blockchain in September 2021 stating that the current Ethereum code can be easily used for such a transition.


How the future pans out is anyone’s guess but given recent events it may be safe to say that the future looks bright for DOGE. If the launch of the Doge-1 lunar satellite goes according to plan together with the much discussed possibility of DOGE being accepted as a micropayment option on Twitter then we may begin to see Dogecoin exceeding its record highs of $0.68 which were recorded in May 2021.

Of course, any price rise must take into account macro economic factors and the rising rates of global inflation but safe to say, Dogecoin is one of the most funny projects in cryptocurrency right now.

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