Dogecoin leads the charge as memecoins soar after Musk's Twitter takeover
Watch: Crypto markets spike despite trad stock downturn as Doge pumps on Musk's Twitter purchase | The Crypto Mile Weekly Update
Dogecoin (DOGE-USD) out-performed all other blue-chip cryptocurrencies this week, after Elon Musk took hold of the reins of Twitter (TWTR).
Friday's finalisation of Musk's Twitter purchase was a catalyst for a memecoin breakout with dogecoin leading the pack.
Dogecoin rose by almost 8% to $0.08 (£0.069) in 24 hours, shooting up over 30% this week.
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Shiba inu (SHIB-USD) saw a pump of 8% in the past seven days, to $0.0000107 per coin.
After the Tesla (TSLA) CEO marched into Twitter headquarters in San Francisco he tweeted that his acquisition of the social media platform was "important to the future of civilisation".
Dear Twitter Advertisers pic.twitter.com/GMwHmInPAS
— Elon Musk (@elonmusk) October 27, 2022
The memecoin fervour reverberated outwards to marginal groups that clutch zombified tokens that litter the floor of the crypto-arena.
One token that received a jolt of life after a protracted flatline was Dogebonk (DOBO-USD). The memecoin is up 14% in the last seven days to $0.0000000077.
At the top of the crypto market cap rankings, bitcoin (BTC-USD) made a bullish move despite a downturn in tech stocks.
Bitcoin usually moves in correlation with equities such as the S&P 500 (^GSPC) and Nasdaq (^IXIC).
But bitcoin stayed buoyant this week, increasing in value by 6% to $20,172.
Ethereum (ETH-USD) soared even higher seeing a weekly gain of over 16% to stand at $1,500.
The global cryptocurrency market cap held its ground above the psychological $1tn marker for most of the week.
The week's crypto action comes after Rishi Sunak became the new prime minister of the UK.
Read more: Crypto could be at risk from EU's new 'kill switch'
During his time as chancellor of the exchequer, he promoted the idea of making Britain a world-class crypto and digital assets hub.
After his first day in office, the UK parliament voted to recognise bitcoin and other digital assets as financial instruments as part of the proposed Financial Services and Markets Bill.