The Dogecoin price rally extended further on Oct. 29 in hopes that the cryptocurrency would get a major boost from Elon Musk’s Twitter acquisition.
Dogecoin price jumped by nearly 75% to reach $0.146 on Oct. 29, the biggest daily gain since April 2021.
Notably, the meme coin’s massive intraday rally came as a part of a broader uptrend that started earlier this week on Oct. 25. In total, DOGE’s price gained 150% during the Oct. 25-29 price rally.
The surge was also accompanied by a decent increase in its daily trading volumes. That coincided with a spike in the number of DOGE transactions exceeding $100,000, according to Santiment. Both indicators suggest a growing demand for Dogecoin tokens among rich investors, or so-called “whales.”
The jump across Dogecoin’s key metrics reflects investors’ excitement about Elon Musk’s Twitter acquisition on Oct. 27.