Dogecoin has increased 113% over the past seven days, trading at $0.1269. This surge appears to be caused by Elon Musk’s recent Twitter buyout. As of now there is no word on Dogecoin’s use on the platform or if it still has valid utility.
So What’s Happening?
People who are knowledgeable about Dogecoin and other meme cryptocurrencies know that the prices of these coins are often influenced by celebrities, such as Elon Musk.
Doge began to turn the corner along with the equity markets at the start of this week. After convincingly breaking above the $0.060 level on Oct. 25, there has been no turning back for the crypto. Since Oct. 24, it has soared over 90%…Read More
In a deal finalized today, Musk bought Twitter for $44 billion. According to Bloomberg, citing a person familiar with the matter, Musk plans to take over the role of Twitter CEO and reverse life bans. The report also states that he may remain CEO in the interim but is likely to give up the role in the longer term.
Musk has terminated Twitter’s CEO Parag Agrawal and Chief Financial Officer Ned Segal, and legal affairs and policy chief Vijaya Gadde, reported Reuters, citing people familiar with the matter.