Last Updated on October 30, 2022 by Bitfinsider

The price of DOGE, which has reached its most overbought level since April 2021, may fall by 60% before the end of this year.

On October 29, the price of Dogecoin continued to rise in anticipation of a significant increase following Elon Musk’s purchase of Twitter.

On October 29, the price of Dogecoin increased by about 75% to $0.146, marking the greatest day increase since April 2021.

Notably, the meme-significant coin’s intraday surge was a result of a broader uptrend that began on October 25 this week. The price of DOGE increased by 150% overall from October 25 and October 29.

The amount of its daily trading increased noticeably along with the jump. According to Santiment, that was also the time when the quantity of DOGE transactions totaling $100,000 increased. Both signs suggest that wealthy investors, or so-called “whales,” are increasing their demand for Dogecoin tokens.

The increase in Dogecoin’s major KPIs reflects the enthusiasm of investors following Elon Musk’s purchase of Twitter on October 27. The multibillionaire businessman toyed with the notion of accepting Dogecoin as payment for the Twitter Blue subscription earlier this year.

Tesla and SpaceX, both owned by Musk, already take DOGE as payment for their goods.

Shiba Inu, meme-coins are following DOGE’s lead

A copy-cat rally was also tweeted by Shiba Inu, which is the second-largest meme token when measured by market valuation.

On October 29 alone, SHIB’s price increased by thirty percent to reach the highest level since Aug 2022, which was $0.00001519. As was the case with Dogecoin, the surge in Shiba Inu occurred as a result of a general upward trend that began on October 25. The price has increased by 53% ever since then.

In addition, other meme coins have experienced large price increases within the aforementioned time period. Dogelon Mars (ELON), for example, has witnessed a rally of 140%.