In the last 24 hours Dogecoin (DOGE) — Elon Musk’s ‘favourite cryptocurrency’ — rose 9.7%, according to CoinGecko.
At the time of writing, the asset was trading at around $0.085. DOGE hadn’t traded near these levels since mid-August. As shown in the chart below, the price rise is accompanied by a surge in trading volume.
Dogecoin rose on October 27 after Musk published a video visiting Twitter’s headquarters.
On October 28 it emerged that billionaire completed the deal to acquire the social network. The company was left by its CEO Parag Agrawal and chief financial officer Ned Segal, as well as head of policy Vijaya Gadde and chief legal officer Sean Edgett.
Later Musk posted a tweet with the phrase Let good times roll. In response, former MicroStrategy head and Bitcoin maximalist Michael Saylor noted that Twitter should not constrain freedom of speech.
Twitter shall write no code law abridging the freedom of speech, or of the press; or the right of the people peaceably to assemble, and to petition the Government for a redress of grievances.
— Michael Saylor⚡️ (@saylor) October 28, 2022
Musk has been actively promoting the meme cryptocurrency. In April 2022, the entrepreneur proposed lowering the price of Twitter Blue and giving users the option to pay for the premium service in DOGE.
In June, Musk confirmed his support for Dogecoin, despite the bear market. He said that Tesla would continue to sell goods for DOGE and SpaceX would soon follow this example.
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