Dogecoin jumped 12% on Monday April 25, following reports of Elon Musk’s buyout deal with the social media platform Twitter.
However, since the $44bn deal was made, Dogecoin (DOGE) has risen as much as 27% after the official announcement by the Tesla CEO, and as of yesterday, has seen highs of up to 30%.
Yesterday morning (Tuesday April 26) the coin once described as a ‘joke coin’ reached levels higher than $0.16. Such levels saw the coin take a place in the top ten most valuable cryptocurrencies.
It wasn’t just DOGE that rose after the news of Musk’s Twitter takeover, but the overall cryptocurrency market grew to around 5%.
DOGE founder Billy Markus seems to be in high hopes as he responded to the price increase with a tweet saying: “If only Elon bought Twitter every day”.
The story is not the same for Tesla, as its shares dropped drastically after Musk’s declaration, wiping a huge $114bn off the carmaker's market cap.
The decision to buy Twitter comes as a shock to some as only on April 9, Musk announced his withdrawal from the Twitter board, with a public tweet made by Parag Agrawal explaining his resignation.
“Elon’s appointment to the board was to become officially effective April 9, but Elon shared that same morning that he will no longer be joining the board”, Agrawal said.