Why Dogecoin's price has increased 90% in just one week?

The price increase of dogecoin over the past week has made it one of the top performers among the ten major digital currencies.

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Dogecoin, that Elon Musk, a millionaire, has long favoured, has increased by more than 90% during the past week. The two biggest digital tokens in the world, Bitcoin and Ethereum, have not kept up with Dogecoin's advancements.

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"Since Elon Musk officially took control of Twitter in the last few days, Dogecoin has been experiencing a positive trend. Up to this point after the deal, the memecoin has been able to break through multiple resistance levels.

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The DOGE has always enjoyed strong support from Elon Musk. Any action taken in the token's favour has led to a coin spike. The DOGE community is hopeful about using DOGE to make payments on Twitter in the days to come after the Twitter deal, according to Edul Patel, CEO and co-founder of Mudrex, a trading platform.

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A recent report says that, 62% of DOGE investors are "Making Money at Current Price," according to statistics from IntoTheBlock. This amount exceeds the holdings of Bitcoin (BTC) and Ethereum (ETH) holders, who held 54% and 57%, respectively.

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As a result, DOGE's market cap increased to $16.3 billion, overtaking Cardano and Solana to become the eighth-largest digital currency in the world.

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