Dogecoin Soars as Elon Musk's Twitter Deal Nears Completion
The billionaire entrepreneur is supposed to close his purchase of the social media platform on Friday.
Popular meme coin dogecoin (DOGE) was up nearly 16% over the past 24 hours as billionaire Elon Musk's purchase of Twitter approached the finish line.
The Tesla founder's $44 billion deal is supposed to close on Friday.
Musk has been a major supporter of DOGE, which has become a proxy for sentiment about him. The entrepreneur's statements about the token have also consistently influenced its price.
DOGE was most recently trading at slightly over 7 cents. It had been languishing below 6 cents for much of the past six weeks. A year ago, DOGE was trading at 25 cents.
Read more: Dogecoin Jumps on Elon Musk SpaceX Tweet
UPDATE (Oct. 27, 2022, 11:41 UTC): Corrects deal value to say $44 billion.
UPDATE (Oct. 26, 2022, 23:12 UTC): Adds most recent DOGE price and history.
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.
Learn more about Consensus 2023, CoinDesk’s longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.