Why did Dogecoin (DOGE) pump so hard?

The Elon Musk-Twitter saga has positively impacted the price of Dogecoin (DOGE), which rallied from late October into November.

DOGE has soared 53% in the last seven days. Musk's Halloween-inspired Shiba tweet may have contributed to the surge.

The Tesla CEO tweeted a picture of a pumpkin carved into the shape of the Twitter logo with a Shiba dog sitting beside it, insinuating a Twitter-DOGE connection.

Dogecoin (DOGE) rallies 53% in the last seven days

Musk's tweets have always played a crucial role in determining the prices of various cryptocurrencies, especially Dogecoin.

His latest tweet sparked an intense DOGE rally, helping Dogecoin soar over 50% in the last 7 days.

Musk's tweet has been speculated by many as a way of telling the world that a Twitter DOGE integration might soon be on the cards.

Musk had earlier shared his opinions on DOGE and how the cryptocurrency can be used as a potential payment option on Twitter.

In addition to this, Musk's tweet has also given birth to many new doge-themed tokens that have flooded the BNB Chain.

According to blockchain analytics firm PeckShield, 169 DOGE-themed tokens have been identified, out of which 42 have been labelled as 'honeypots.'

Twitter may not be going forward with web3 crypto wallet

Dogecoin fell briefly on November 3 after Platformer reported Twitter's decision to halt its proposed crypto wallet venture.

Speculations are rife on social media about whether Twitter is shelving the idea of launching a unique Twitter wallet.

From Platformer:

A recently revealed plan to build a crypto wallet for Twitter appears to be on pause

The news outlet further revealed details about Twitter's future roadmap under Musk's leadership including "super follows," a feature that will let creators put some of their tweets behind a paywall.

Get the latest on Bitcoin, Ethereum, Shiba Inu and Luna.