Dogecoin Jumped 44.94% as Traders Bet on Musk’s Twitter Takeover

Dogecoin surged on October 29, 2022, as traders speculated that Elon Musk’s acquisition of Twitter could give the cryptocurrency a role on the social-media platform. CoinMarketCap’s historical snapshot listed DOGE at $0.1216, up 44.94% over the provider’s preceding 24-hour comparison window and 103.71% over its rolling seven-day window.

The move elevated Dogecoin to eighth place in CoinMarketCap’s capitalization ranking. The snapshot assigned it a market value of $16.13 billion and reported $12.16 billion of trading volume during the preceding 24 hours. Those figures made the rally one of the clearest crypto-market reactions to the change in Twitter’s ownership, even though no official Twitter announcement on October 29 committed the company to accepting or integrating DOGE.

A market move far larger than the broader advance

CoinMarketCap’s October 29 snapshot put bitcoin at $20,818.48, up 1.08% over its 24-hour window, and ether at $1,619.70, up 4.13%. Dogecoin’s 44.94% increase therefore cannot be described simply as a proportional response to a general rise in major crypto assets.

The same provider’s October 28 snapshot had listed DOGE at $0.0839 and a market capitalization of $11.13 billion. Because the snapshots are rounded and represent provider-selected observation points rather than official closing auctions, subtracting those displayed prices produces only an approximate one-day comparison. CoinMarketCap’s published 44.94% figure is the more appropriate measurement for its own window.

Contemporaneous reporting captured additional intraday volatility. The Block recorded DOGE at $0.128303 on the afternoon of October 29 and described a 51.9% daily increase and a 116.7% seven-day advance using CoinGecko data. Reuters separately reported that DOGE had risen more than 70% during October 29. The differences are not necessarily contradictory: crypto trades continuously, and price changes vary with the venue, observation time, base currency and starting point.

Twitter changed hands, but DOGE had no confirmed role

Twitter’s corporate record establishes the institutional event behind the speculation. Its Form 8-K states that the merger was consummated on October 27, 2022, leaving Twitter as a wholly owned subsidiary of a parent company majority-owned and controlled by Musk. The filing was signed on October 28 and accepted into the SEC’s EDGAR system at 20:22:36 that day, although its formal filing date was October 31.

Musk had previously promoted Dogecoin and floated its possible use for premium Twitter features. Reuters reported on October 29 that Binance, which had invested $500 million in the Twitter acquisition, was considering ways blockchain and crypto might be useful to the platform. Neither statement amounted to a product specification, implementation schedule or commitment to use DOGE.

That distinction is central to the event-day record. The verified development was a sharp market repricing following a documented change of control at Twitter. The proposition that Twitter would adopt Dogecoin remained a trader narrative rather than a confirmed company plan.

What the rally established—and what it did not

October 29 demonstrated how strongly expectations surrounding one influential owner could affect a large crypto asset. Moving to eighth place by market capitalization also made the episode more consequential than a rally confined to a thinly traded token.

The figures do not establish why each buyer or seller traded, whether the volume represented unique capital, or whether the market collectively assigned a specific probability to Twitter integration. Market capitalization is calculated from price and reported circulating supply; it is not cash held by the network. Reported volume can include repeated turnover across venues.

The strict conclusion for October 29 is therefore narrow: DOGE substantially outperformed bitcoin and ether during CoinMarketCap’s measured 24-hour window while speculation followed Musk’s acquisition of Twitter. Any stronger claim about adoption, utility or lasting value was unverified on that date.