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Dogecoin (DOGE) price up over 60% since Elon Musk took over Twitter

The meme cryptocurrency has been on the upturn in value ever since Elon Musk, a notable supporter, closed the deal to buy Twitter.

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There’s a somewhat unexpected winner out of all of Elon Musk’s dealings and takeover of Twitter this last week: It’s Dogecoin. DOGE jumped in value on word of Elon Musk finishing up his acquisition of Twitter and the dog meme-based cryptocurrency crossed an over 60 percent rise in value over this last weekend.

The rise in Dogecoin’s value could be seen over on the CoinMarketCap website, as reported by CNBC. Where the value of Dogecoin could be seen jumping as much as 35 percent before traditional markets’ close on Friday, it had risen even further over the weekend, hitting a high of $0.125 per unit. It was an over 60 percent increase prior to where DOGE’s value was before the Twitter deal officially closed and Elon Musk finally had the reins of the platform.

The CoinMarketCap chart showing Dogecoin's increase in value since Elon Musk took over Twitter.
A look at Dogecoin's value on CoinMarketCap shows the increase in value since Elon Musk took over Twitter.
Source: CoinMarketCap

The aftermath of Elon Musk finally taking over Twitter has been chaotic. His first order of business was firing Twitter’s previous CEO, CFO, and policy chief. There was also a spike in antisemitic posts on the platform as bad actors immediately went out to test the waters of an Elon-run Twitter.

Regardless, DOGE value has often gone hand-in-hand with Elon Musk’s successes, failures, or even mentioning of the cryptocurrency. He is, after all, allegedly invested in the currency. With Twitter being a major get for Musk (even if the price tag was $44 billion), an exciting future for Musk can be seen by many as an exciting future for Dogecoin,

It will remain to be seen if Dogecoin can keep its current run of good fortune. Stay tuned as we continue to follow this and further Twitter and cryptocurrency news.

Senior News Editor

TJ Denzer is a player and writer with a passion for games that has dominated a lifetime. He found his way to the Shacknews roster in late 2019 and has worked his way to Senior News Editor since. Between news coverage, he also aides notably in livestream projects like the indie game-focused Indie-licious, the Shacknews Stimulus Games, and the Shacknews Dump. You can reach him at tj.denzer@shacknews.com and also find him on Twitter @JohnnyChugs.

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