Cryptoverse: Dogecoin’s price doubled after Musk’s Twitter acquisition

SINGAPORE (Reuters) – It’s no joke. Elon Musk’s acquisition of Twitter has put fresh wind in the sails of dogecoin, the meme cryptocurrency he catapulted to fame.

Dogecoin’s price doubled after the Tesla tycoon completed the $44 billion deal. It was trading at about $0.07 on Oct. 27 before Musk tweeted “the bird is freed” to announce his ownership. Five days later, it was at $0.16.

That may not sound like much, but it gave the highly volatile cryptocurrency a market value of $21 billion, according to data platform CoinGecko.

Not bad for a coin that was created as a “joke” satirizing wild speculation in the crypto market and named after an internet meme of a Shiba Inu dog.