10/29/2022 | Market Watch

Dogecoin jumps 10% as Musk’s Twitter takeover spurs hope for wider adoption

Dogecoin jumps 10% as Musk’s Twitter takeover spurs hope for wider adoption

Dogecoin jumped 10% over the 24 hours to Friday midsession in New York , as billionaire Elon Musk, a vocal backer of the cryptocurrency, on Thursday completed his deal to take over social media platform Twitter.

The Shiba Inu-themed meme coin DOGEUSD, +22.08% is trading at around $0.08, up 33.5% over the past seven days, according to CoinDesk data. Still, Dogecoin has lost about 55% year-to-date.

Some Dogecoin holders are hoping that Musk could push for wider adoption of Dogecoin, by ways such as accepting the crypto for payment on Twitter TWTR, -6.09%, after he takes reins of the social media platform.

In June, Musk’s SpaceX started accepting Dogecoin for some merchandise, after Tesla TSLA, +1.52% made a similar move in January. As Dogecoin’s co-creator Billy Markus in June tweeted he hoped that people could actually use the crypto “for something,” Musk replied that “Tesla and SpaceX merch, maybe more down the road.”

Bitcoin lost about 0.8% over the past 24 hours to around $20,451, according to CoinDesk data.