Dogecoin Flies 17 Times Higher than Bitcoin Gains, Thanks to Elon

On October 29 the Dogecoin price shot up 75%. It was the highest daily gain since April last year

Dogecoin is one of the most popular dog-themed cryptocurrencies in the market. The DOGE price rose 101% during the month, vastly outpacing the 7% climb in the CMI overall. Bitcoin (BTC), the largest cryptocurrency by market value, was up 5.5% on the month, while No. 2 ether (ETH) gained 18%. New data from IntoTheBlock shows that 62% of Dogecoin holders are making money at the DOGE price of $0.12. A further 5% of Dogecoin holders are currently at the money while 33% are making a loss on their DOGE portfolio.

IntoTheBlock onchain signals show a 19% hike in the number of Dogecoin wallets currently in profit. However, this signal was the only bullish indicator for Dogecoin. On October 29 the Dogecoin price shot up 75%. It was the highest daily gain since April last year when Dogecoin rallied to an all-time high of $0.74. No other price pump in the intervening 18 months has beaten these 24-hour gains.

Digital-asset analysts attributed the big jump in DOGE to Musk's dramatic $44 billion takeover of Twitter – ostensibly tied to speculation that the deal might somehow, eventually, bring value or utility to the Dogecoin blockchain and its eponymous cryptocurrency.

During a May 2021 appearance on NBC's "Saturday Night Live," Musk used the line, "Call me the Dogefather." And in January 2021, Musk used Twitter to send out an image of himself holding up a Shiba Inu puppy – the dog breed that inspired dogecoin.