31 Oct 2022 Arjun Agarwal
Dogecoin Spikes 50-Fold In Trading Volume, Binance Also Skyrockets
Dogecoin, dubbed to be the largest meme coin in the world, has recently doubled in price over the past seven days, surpassing projects like Cardano (ADA) to take the eighth-largest spot in the crypto rankings with a spot price of $0.12 per DOGE. The actions by Elon Musk around Twitter’s acquisition sent DOGE price action into a frenzy, with DOGE/USD hitting its highest levels since April.
The massive increase saw the Musk-endorsed meme coin skyrocket past the $0.069420 price point, considered by many to be the coin’s “meme home.” Indeed, DOGE influencer Matt Wallace predicted that Dogecoin might spike to $69, which is derived from DOGE’s 500% trading volume increase recently.
However, many meme coin enthusiasts disbelieved Wallace, noting that it would be a great success if Dogecoin reaches $0.69 per DOGE.
This may be a wild call, but Wallace made a similar price prediction just two days prior to his $69 claim, by declaring that the price target for Dogecoin in this latest pump would settle around $7.
Other crypto influencers and analysts like pseudonymous analyst Tree of Alpha are considering the Twitter overtake to be just the right platform for DOGE’s widespread adoption, helped by both the Twitter and Binance ecosystems.
“Imagine the smell when launchpads become a thing again and retail is back to turbo buying garbage on BSC. Are you actually fading the token that backs the biggest exchange & the most degenerate EVM chain by far?” Tree of Alpha wrote.
BNB also makes a leap
The native Binance crypto – the Binance Coin (BNB) also made a price spike, reaching a new all-time high against Bitcoin, as speculations over the cryptocurrency’s future spiral out of hand on social media.
Indeed, data from TradingView saw BNB spike above 0.15 BTC to a record 0.15267 BTC on October 30th, which is a direct aftermath of the token’s 10% price increase in the past couple of days.
However, BNB’s spike is derived from Binance’s readiness to aid Musk in Twitter’s takeover by contributing $500 million to the deal.
Binance’s CEO, the infamous Changpeng “CZ” Zhao commented on the news about the financial aid, stressing that Binance might have really helped Musk overtake Twitter.
“Our intern says we wired the $500 million 2 days ago, probably just as I was being asked about Elon/Twitter,” Zhao commented on Twitter, adding slogans like “Let’s unleash the bird,” and “Crypto Twitter,”, which reference to Musk’s “The bird is free” tweet.Binance Crypto Market meme crypto market monitoring cryptocurrencies binance coin bnb cryptocurrency news crypto news Crypto Price Twitter