October has been a bullish month for Dogecoin as the “Dogefather,” Elon Musk, takes over Twitter. Despite trading in the red at press time, the meme coin still holds over 90% gains. There has also been a rise in demand for the asset. This surge comes as many anticipate that DOGE would gain value due to Musk’s purchase of the social media giant. Dogecoin’s price increased from $0.05 on October 23 to $0.11 today, October 30, a gain of 93.%. In addition, the weekly DOGE chart reveals that the price hit a five-month high of $0.14 on October 23. Related Reading: Will Binance Oracle Hamper Chainlink Growth Amid The Bullish Run Simultaneously, the asset has seen a rise in capital invested. Market valuation for the token rose from $9.02 billion a week ago to $15 billion as of press time. It’s worth mentioning that the popular meme coin is still trading at a massive 82.66% loss from its all-time high. Dogecoin Snatches The 8th Spot From Cardano Dogecoin is now the eighth largest cryptocurrency by market capitalization, according to data provided by CoinMarketCap. Cardano previously held this position. Dogecoin overtook Cardano on Saturday night with a current market value of $15,366,657,028. This puts it ahead of Cardano (9) and Solana (10), with respective market caps of $13 and $11 billion. Monday’s rumours that Elon Musk would acquire Twitter’s social media platform boosted the value of the meme token. ...
