Musk’s favourite crypto doubles in value, skeptics issue warning

The cryptocurrency market slightly improved in the last seven days, but one digital token doubled its value as experts warned against the “false optimism” created by a certain billionaire’s backing for the asset.

Dogecoin (DOGE) rose nearly 100 per cent to $0.12, making it the eighth biggest cryptocurrency by market cap (m-cap). Elon Musk’s fondness for DOGE and the fact that the crypto’s price shot up after he announced taking over Twitter brought back concerns around crypto regulations.

“Given that Musk is a common thread between Twitter and Dogecoin, the excitement is reflected in the price rally,” said Vivek Iyer, partner at Grant Thornton Bharat.