On the 4-hour chart, DOGE rallied with a 16.18% increase over the last day.

On the 4-hour chart, DOGE rallied with a 16.18% increase over the last day.

Dogecoin saw an impressive rally over the past week, as its price rose from $0.059 on 25 October to $0.086, at the time of writing. Markedly, the meme coin’s price crossed $0.085 for the first time since 17 August.

Much to the surprise of investors, it rallied by 46.48% in the past seven days.

Much to the surprise of investors, it rallied by 46.48% in the past seven days.

Now, DOGE’s unexpected price increase is, indeed, great news for investors. Interestingly, according to what the market perceives, there are two major reasons behind its spike.

Both of these are seemingly unrelated- Elon Musk’s Twitter acquisition and Dogecoin’s great burn.

Both of these are seemingly unrelated- Elon Musk’s Twitter acquisition and Dogecoin’s great burn.

Elon Musk has been affecting Dogecoin’s price since 2019, when he simply tweeted, “Dogecoin rulz.”

Elon Musk has been affecting Dogecoin’s price since 2019, when he simply tweeted, “Dogecoin rulz.”

As it is well documented, with time, the meme coin became synonymous with Musk.

As it is well documented, with time, the meme coin became synonymous with Musk.

This time was no different as the price of DOGE increased by 10% when Musk changed his Twitter bio to “Chief Twit.”