Twitter deal pushes Dogecoin up 22%, Is it a dead-cat bounce, within the dog-themed token!

 Amid the Twitter acquisition buzz, Dogecoin zoomed about 22 per cent  within the  last 24 hours to hit $0.08028 on Thursday, but gave up some gains to trade at $0.07707 at 14.40 hours IST, the coinmarketcap data suggested

Twitter deal pushes Dogecoin up 22%. Is it a dead-cat bounce  within the  dog-themed token?

Dogecoin,  the most important  and most popular memecoin, was flying high on Thursday, rising  quite  20 per cent in the last few hours, leading the double-digit gainers as crypto market rallies.

Dogecoin (DOGE) was up nearly 22 per cent over the past 24 hours as billionaire Elon Musk's purchase of Twitter for about $44 million approached the  finishing line , which  is probably going  to close by Friday.

Amid the Twitter acquisition buzz, Dogecoin zoomed about 22 per cent  within the  last 24 hours to hit $0.08028 on Thursday, but gave up some gains to trade at $0.07707 at 14.40 hours IST, the coinmarketcap data suggested.

The total volume zoomed close to 200 per cent as Dogecoins worth $2.08 billion exchanged hands  within the  last 24 hours, with its total market cap rising above $10.32 billion.  there have been  132.67 billion Dogecoins in supply at  the identical  time.

Musk has been  a serious  supporter of DOGE, which has become a proxy for sentiment about him. The entrepreneur's statements about the token have also consistently influenced its price.

Commenting on the renewed interest, Edul Patel, CEO and co-founder of Mudrex, said the rally  within the  memecoins can be attributed to multiple factors, with the long-awaited Twitter acquisition  cater to  Elon Musk being the biggest one.

Prashant Kumar, CEO and Founder at weTrade, said memecoins have a young fan base and are popular among millennials and Gen Z. With their small-ticket size and smaller investment amounts,  there's  a renewed interest in them.

Given  the worldwide  economic factors and the speculative nature that memecoins have, their fluctuations are  far more  stark, he added. "There  is not any  fixed number of a particular memecoin making it more suitable for short-term, swing investments."