The “Musk Effect” was not long in coming. After the tweet, Dogecoin (DOGE) price shot up to $0.156, a price range not experienced since last April of this year.
Since then, DOGE price has seen a slight pullback and is trading at $0.142 at press time, according to CoinGecko data. However, DOGE registers a significant increase of 15% in the last 24 hours and 140% in the last 7 days.
Twitter’s new CEO
On October 26, Elon Musk, CEO of Tesla and SpaceX, completed the acquisition of Twitter. The hype of the event generated a rally in the price of the meme cryptocurrency, which continues until now.
In the midst of the boom surrounding the purchase of Twitter, various actors in the crypto ecosystem have expressed their opinion. As reported by BeInCrypto, Charles Hoskinson noted that Dogecoin should become a Cardano sidechain and would be willing to help the meme cryptocurrency migrate for free.
In the meantime, Dogecoin (DOGE) has seen a price increase of more than 40% amid the bear market, making it one of the top performing altcoins this year.
Source: Ambito
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