11/1/2022 | Business Insider
Dogecoin has been revived with a $10 billion surge since Elon Musk purchased Twitter
Dogecoin has added $10 billion in market value since Elon Musk completed his purchase of Twitter.
Musk tweeted a picture of a Shiba Inu dog wearing a Twitter T-shirt early Tuesday morning.
Dogecoin, which counts a Shiba Inu dog as its mascot, has soared more than 100% since Friday.
Dogecoin has been revived with a $10 billion surge in market value since Elon Musk completed his acquisition of Twitter on Friday.
The meme-inspired cryptocurrency has soared more than 100% from Friday's price of about 7 cents to 14 cents today, and it surged more than 8% on Tuesday after Musk tweeted an image of a Shiba Inu dog wearing a Twitter T-shirt, adding a winking-face emoji.
After accounting for the recent surge, dogecoin's fully diluted market value is now $18.5 billion, according to data from CoinMarketCap, making it the eighth most valuable cryptocurrency.
Musk has long been a fan of dogecoin, having cheered its rise amid the cryptocurrency boom in 2020 and 2021 and joked about it during his guest SNL appearance.
He even adopted the meme-inspired cryptocurrency as a form of payment in Tesla's merchandise store. There has also been speculation that Musk could use dogecoin as a way to add support for microtransactions on Twitter.
The recent rise in dogecoin comes as the broader crypto market continues to suffer through a persistent bear market, with crypto stalwarts like bitcoin and ether still off more than 70% from their record highs. Likewise, despite the jump higher, dogecoin is down 78% from its record high.