Dogecoin rose by as much as 17% on Thursday, as Tesla CEO Elon Musk moved closer to completing a takeover of Twitter. Musk has been a public supporter of the meme coin in recent years, with some suggesting that it could be added as a payment method on the social media platform. Cosmos also traded higher, climbing by 8% today.
Dogecoin (DOGE) was once again in the green on Thursday, as the token rose by as much as 17% in today’s session.
The surge in price comes as long-term supporter of the meme coin Elon Musk moved closer to completing his takeover of Twitter.
In a statement released earlier today, Musk stated that “The reason I acquired Twitter is because it is important for the future of civilization.”
DOGE/USD raced to an intraday peak of $0.08028 on the news, which comes a day after trading at a low of $0.0668.
The meme coin is now trading at its highest point since August 17, with the relative strength index (RSI) also tracking at long-term highs.
As of writing, the index is tracking at 78.59, which is its strongest point since August 2021.
Another notable mover in today’s session was cosmos (ATOM), which rallied by nearly 8% on Thursday.
Less than 24 hours after hitting a low of $12.19, ATOM/USD was exactly $1.00 higher in today’s session.
Today’s surge saw cosmos climb for a third straight session, hitting a seventeen-day high in the process.
Looking at the chart, the RSI also moved higher, climbing to a top of 56.00, which is below a ceiling of 58.80.
This is the strongest point that price strength has hit since September 19, with moving averages also trending upwards.
Many expect a crossover between the 10-day (red), and 25-day (blue) moving averages to occur in the coming days, which could push prices even higher.