• Wed. Feb 1st, 2023

Dogecoin has been revived with a $10 billion surge since Elon Musk purchased Twitter

ByINVESTOR

Nov 1, 2022

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Dogecoin has been revived with a $10 billion surge in market value since Elon Musk completed his acquisition of Twitter on Friday.

The meme-inspired cryptocurrency has soared more than 100% from Friday’s price of about 7 cents to 14 cents today, and it surged more than 8% on Tuesday after Musk tweeted an image of a Shiba Inu dog wearing a Twitter T-shirt, adding a winking-face emoji.

After accounting for the recent surge, dogecoin’s fully diluted market value is now $18.5 billion, according to data from CoinMarketCap, making it the eighth most valuable cryptocurrency. 

Musk has long been a fan of dogecoin, having cheered its rise amid the cryptocurrency boom in 2020 and 2021 and joked about it during his guest SNL appearance.

He even adopted the meme-inspired cryptocurrency as a form of payment in Tesla’s merchandise store. There has also been speculation that Musk could use dogecoin as a way to add support for microtransactions on Twitter.

The recent rise in dogecoin comes as the broader crypto market continues to suffer through a persistent bear market, with crypto stalwarts like bitcoin and ether still off more than 70% from their record highs. Likewise, despite the jump higher, dogecoin is down 78% from its record high. 

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