Dogemania

OVEX
4 min readOct 28, 2022

No highs, no lows, only Doge.

  • Dogecoin has rallied by over 100% in the last seven days.
  • Some analysts have predicted that the meme coin’s rally could begin the next bull market.
  • Interest in the meme coin is now at a new high, following Elon Musk’s purchase of Twitter.
Source: Twitter

Over the past 7 days — OG crypto memecoin — Dogecoin ($DOGE) posted an impressive 100% rally. This price action was prompted by rumours that Elon Musk’s Twitter deal might soon be coming to a close.

Source: Tradingview

That infamous deal has finally materialised — and just in time for Halloween (no doubt many Twitter employees had the scaries regarding job security — poor Parag).

$DOGE is now up by more than 16% in the past 24hrs. Why? Quite simply because Doge enthusiasts anticipate the new Twitter CEO (and not to mention non-official Doge figurehead) to integrate $DOGE into the social media’s ecosystem. The rally now means the price of $DOGE is trading above $0.10 for the first time since May 2022. The crypto market sentiment remains bullish among traders, with many speculating $DOGE price will hit $1.

Below — one of the many digital art pieces created by Doge fans. These can be found on Twitter in their thousands.

Source: Twitter

Why is $DOGE + Elon Such a Big Deal?

Musk’s interest in Dogecoin began around 2019 with his fascination in the die-hard Doge community.

The tech titan first publicised his interest with the below Twitter reply to a Doge fan back in 2019. The tweet referenced a pole posted by the official Dogecoin Twitter account on who would be best suited as the Doge CEO.

Source: Twitter

This harmless tweet was just the beginning. Now the community hails Elon as the defacto ‘Doge CEO’. Not too long after the above tweet, Elon posted his very own tweet on his very own thoughts behind Doge and the global financial system.

Of course the Tweet was incredibly Musk-esque — humorous and (a little) serious at the same time:

Source: Twitter

Musk was also one of the first to contemplate — again in a Musk-esque fashion — that the meme coin could one day rival Bitcoin — slashing fees and speeding up transactions to compete as a global payments system.

Then in January 2021, Musk announced that his electric car company — Tesla would accept Dogecoin as payment for corporate merchandise. Soon following with an announcement that SpaceX (Musk’s rocket company) would follow suit. Now — every time the Tesla CEO tweets Doge, even cryptically, the meme-able currency jumps again.

Okay … But what does Twitter have to do with any of this?

In September, messages made public in the discovery process of Musk’s court battle with Twitter, showed Musk told his brother Kimbal he wanted to build a blockchain-based, social media platform that could use Dogecoin to verify users. This could solve the plague of bots menacing Twitter users on the daily.

Naturally now that Elon is, in his own words — “Chief Twit”— that conversation Musk had with his brother may actually come to fruition. But you never know with Musk. He is a mystery even to his closest confederates.

It’s not just Elon’s Twitter deal pushing up $DOGE’s price though. A steadily increasing number of long term $DOGE HODLers, coupled with miner reserves (the supply of coins sitting in miner wallets) dropping by 65% over the last 12 months has also sent its price ticking upwards.

Up or down. You can get involved in the Dogemania action at ovex.com

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