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Dogecoin, a famous and dominant meme cryptocurrency, popped up in value following news that Tesla CEO and Doge superfan Elon Musk would buy Twitter. It charged as much as 26% over a period of 24 hours, reaching its peak in the afternoon following the official announcement about Musk’s $44 billion purchase.
Musk’s Twitter acquisition triggered an upward price action for Dogecoin. However, that advantage has retracted by 9% in the last 24 hours, according to data obtained from CoinMarketCap.
Dogecoin’s price stands over just $0.14 per coin and only reached an apex of $0.1677 on the 25th of April. Nonetheless, the most treasured meme coin, according to market cap, is now above 4% over the last 30 days, which includes a previous rise above $0.17 on the 5th of April when Musk became part of the Twitter board after purchasing a stake in the firm of 9.2%.
Dogecoin is still low, about 81% from its all-time high price, higher than $0.73 set in May 2021, just before the wider cryptocurrency market collapsed. It has not edged nearer to getting back those gains after a rise in the early months of the previous year.
Elon Musk has been intimately linked to Dogecoin for a couple of years. Musk’s constant tweets and memes have often caused a swing in the price of Dogecoin. His support for Dogecoin is credited to have helped incite its surge early last year when the price went off above a penny for the first time and ascended for months.