Elon Musk Twitter Doge Set Dogecoin Only to a Brief Bullish Rally?

• From April 2 to April 4, active addresses related to DOGE surged by 80%.
• Doge and Dogecoin dominated every tweet on Twitter since the update.

The impact of Doge replacing Twitter’s blue bird sparked greater upswings in Dogecoin. Remarkably, in that specific 24h window, this largest memecoin’s price shot up 33% to attain its 3-month-high of $0.102. Investors and crypto enthusiasts turned themselves into keen observers of Dogecoin’s hype-driven rally. 

Price momentum was not only the bullish DOGE metric. Spikes were also recorded in various other metrics – social mentions, trading volume, network activity, and whale accumulation – as well.  

Dogecoin Complete Analysis

Here is a compilation of the analysis of Dogecoin (DOGE) trend metrics.

Impressive Price Rally

DOGE noted a 33% surge in just a few hours after Elon Musk replaced the 15-year-old Twitter Bird with the 9-year-old memecoin. According to CoinMarketCap, the Dogecoin price rose from $0.07678 to $0.1016. The day recorded its 3-month-high and its longest green candle after Oct 2022.

Another metric that peaked in sync with the price surge was DOGE’s market dominance. In the specific time frame on April 3, Dogecoin’s market dominance spiked by 21%. Significantly, it overtook Cardano in market capitalization.

Increased Active Addresses Count

This update also triggered a rally in the active addresses linked to Dogecoin. According to on-chain data by Messari, active addresses on Dogecoin attained its 7-month-high of over 111K. In a few hours, it rose over 17%. While in comparison with April 2, a 21% increase in the count was recorded.

Soaring Social Mentions

Elon Musk succeeded in spurring the Doge hype everywhere among crypto and non-crypto natives. It is commented that this execution initiated an awareness campaign for Dogecoin. As per statistics from Santiment, the social volume of DOGE peaked at new heights in 2023.

Reportedly, the total volume of DOGE so far is 51408. Crypto Twitter displayed the amplified talk of Dogecoin. Eventually, DOGE maximalists forecasted the memecoin to reach $1.

Despite all these astounding spikes, the Dogecoin price dropped over 8% in the last 24h to $0.089. Likewise, the memecoin’s 24-hour trading volume displayed a 30% plunge to $1.34 billion. 

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