News

Here’s the Evidence to How Twitter Pumped DOGE, Will It Reach $0.2?

On-chain data shows that Elon Musk's tweet was the clear reason behind DOGE price jump on Tuesday. Read more on Elliot Wave analysis for DOGE.
Published by
Here’s the Evidence to How Twitter Pumped DOGE, Will It Reach $0.2?

On Monday, October 31, Elon Musk shared a Halloween tweet of his Shiba Inu pet dog wearing a Twitter t-shirt. It was clear that Musk was teasing the changes of getting Dogecoin (DOGE) very soon to the Twitter platform.

Elon Musk’s tweet was enough to pump DOGE by another 15% pushing it above $0.14. Over the last week, Dogecoin has entered a strong rally with Elon Musk acquiring Twitter in a $44 billion deal. The world’s largest memecoin is trading at 140% gains on the weekly chart.

On-chain data provider Santiment has come up with clear proof that the Twitter news was the only reason behind the DOGE price rally. Last week, the DOGE price reached 15 cents and retraced later. However, Musk’s tweet on Monday pushed it once again to this price level.

Courtesy: Santiment

Santiment further explains that just like the address activity, the Dogecoin trading volume has seen similar divergence.

Courtesy: Santiment

Furthermore, Santiment explains that the Dogecoin-related social sentiment in the market is pretty strong in the market. It added:

A classic picture of big social volume spike marking a potential top, plus sentiment is going higher and higher, meaning people are very positive in their DOGE-related statements. DOGE and related words have been holding top5 of our social trends for the last 4-5 days.

Courtesy: Santiment

Will DOGE Price Reach $0.2?

It is clear that DOGE has been rallied based on the Twitter news over the last week. So, if any positive developments around the same come or Musk makes an official announcement with Dogecoin payments on Twitter, it would be an easy 33% rally from here onwards.

Note that with the recent explosive move of Dogecoin, we could expect strong volatility going ahead. As per the Elliot wave analysis, Dogecoin is currently transitioning from the second wave to the third wave. This could be the biggest spike for DOGE in this growth cycle.

But, the catch is that this analysis is only valid when the second wave is corrective. After the second wave, DOGE didn’t enter a short-time correction which would cool down the asset from being overbought.

As the third wave is strongest in Elliot’s analysis, DOGE would require massive inflows from investors to rally further.

Advertisement
Share
Bhushan Akolkar

Bhushan is a seasoned crypto writer with over eight years of experience spanning more than 10,000 contributions across multiple platforms like CoinGape, CoinSpeaker, Bitcoinist, Crypto News Flash, and others. Being a Fintech enthusiast, he loves reporting across Crypto, Blockchain, DeFi, Global Macros with a keen understanding in financial markets. 

He is committed to continuous learning and stays motivated by sharing the knowledge he acquires. In his free time, Bhushan enjoys reading thriller fiction novels and occasionally explores his culinary skills. Bhushan has a bachelors degree in electronics engineering, however, his interest in finance and economics drives him to crypto and blockchain.

Published by
Why trust CoinGape: CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights to our readers. Our journalists and analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.

Recent Posts

  • News

Canary XRP ETF Filing Removes SEC Delay Clause, Targets November Launch

Canary Funds has filed an updated S-1 registration for its XRP spot exchange-traded fund (ETF).…

October 31, 2025
  • News

CFTC, SEC Launch ‘New Era of Collaboration’ to Clarify Crypto Rules, End Regulation by Enforcement

The U.S. Commodity Futures Trading Commission (CFTC) and Securities and Exchange Commission (SEC) have entered…

October 31, 2025
  • News

Senate Committee Finalizes Updated Crypto Market Structure Bill Draft, Release Expected In Days

The U.S. Senate committee is set to release an updated draft of the Crypto Market…

October 30, 2025
  • News

€648 Billion Nordea To Allow Customers to Trade Bitcoin-Linked ETFs

Nordea Bank, one of Europe’s largest financial institutions, is allowing customers to trade Bitcoin-linked funds…

October 30, 2025
  • News

Uphold Joins Gemini, Relaunches XRP Debit Card Following SEC Lawsuit Resolution

Uphold has relaunched its XRP Debit Card across the United States following the resolution of…

October 30, 2025
  • Altcoin News

Breaking: XRP Treasury Evernorth Debuts on Nasdaq Under XRPN Ticker After $1B Token Purchase

Evernorth Holdings, a Ripple-backed XRP treasury company, has officially made its debut on Nasdaq under…

October 30, 2025