Dogecoin, the tenth-largest cryptocurrency is less than a billion dollars away from succeeding Solana (SOL), according to data analytics.  The meme coin is up nearly 17%, jumping to a new monthly high of $0.08022 today. As Elon musk is about to complete his Twitter deal, trading volumes of this meme coin have also spiked by 196% over the same period.

The Billionaire’s Twitter deal is about to close on Friday.

Dogecoin has always remained close to Musk as whenever he talks about it, the token prices get influenced. This leads to increased zeal about the token among crypto investors.

Over the last 24 hours, almost $8.69 million of Dogecoin’s future positions were liquidated as per the data. Talking of which, 78.81% of Dogecoin liquidation arose from blown-out short positions. 

The token has become the largest weekly gainer among the top  20 cryptocurrencies by market capitalization.

Since Elon Musk announced its acquisition of Twitter, Shiba Inu (SHIB), Dogecoin’s meme coin competitor has also gone up to 7.8% and is trading at around $0.00001123.

In the last 24 hours, the world’s top two cryptocurrencies Bitcoin (BTC) and Ethereum (ETH) have also shared gains of 1.6% and 2.3%, respectively.

The main reason for the soaring prices of Dogecoin is mostly Tesla’s owner’s announcement about his Twitter deal completion, which he has posted on Twitter. Moreover, on-chain metrics as well depict hopeful scenarios for Dogecoin. 

According to Peakblockchain Data analysis, more than a year holders of Dogecoin have reached a high of 2.81 million. Whereas, addresses holding Dogecoin for less than a month have gone down to roughly 132,000, to the point which has not been seen since May 2020.

Yesterday, Dogecoin’s hashrate also limed up to an all-time high of 518.49 TH/s as per the data.

As it is believed that for a safer blockchain, the metrics need to be high, as high hash rates demand eminent computational power to hijack the blockchain network through a 51% attack.