Tweet From Elon Musk Leads to Dogecoin Surge

Elon Musk

Since Elon Musk took over Twitter (TWTR) on Friday, the meme cryptocurrency Dogecoin has almost doubled in value. Now that the Tesla (TSLA) CEO is in charge, the “ChiefTwit” flirts with the Dogecoin community on a regular basis, which is hoping for integration with Twitter.

He tweeted a picture of a Shiba Inu sporting a Twitter T-shirt on Halloween night. He included the wink emoji in the caption as an apparent reference to the meme cryptocurrency’s mascot. Following the tweet, DOGE increased by almost 24% and nearly reached 16 cents, but it has since moderated this morning.

Dogecoin is trading at its highest level since the spring, thanks to the Musk and Twitter rallies. Last May, DOGE soared from pennies to an all-time high of 73 cents. But by July, it had fallen below 20 cents, and since last August, it hasn’t maintained a price above 30 cents.