The market value of Dogecoin, Elon Musk’s favourite cryptocurrency, jumped by $10 billion after the billionaire took over Twitter, Business Insider reported. DOGE’s price has increased by more than 100% since November 4.
The meme coin also rose by about 8% on Tuesday, November 1, shortly before the CEO of Tesla and SpaceX acquired the social network. The memecoin’s advance was sparked by Musk tweeting an image of a Shiba Inu dog wearing a Twitter T-shirt.
Dogecoin is now valued at about $18.5 billion and is the 8th biggest cryptocurrency by market cap.
DOGE advanced thanks to Elon Musk boosting its popularity, analysts say. The meme coin is accepted as a payment method in Tesla’s merchandise store.
However, the crypto market at large remains in a downtrend, with Bitcoin and Ethereum sliding down by 70% from their all-time highs. Dogecoin has also suffered major losses and has slipped below its record high by 78%.
