Dogecoin saw a surge in its price after the famous billionaire Elon Musk known as “The Dogefather” completed the purchase of Twitter. The value of the currency jumped by about 150% in just 4 days. and is trading at a price of $0.126 at the time of writing. The increase in price apparently stems from the very speculation that Elon Musk will continue to pump and tweet about the currency as he used to do many times during the last Bull Run including the fact that he calls the currency “the people’s currency” and once even hinted that if he buys Twitter he will allow the currency to be used within the platform.
Note that Dogecoin is currently in the highest overbought territory since April 2021 and this indicates that a correction may come at any moment and the risk is very high in trading such speculative currencies.
