The meme cryptocurrency Dogecoin’s value has risen by 26% in the wake of news of Elon Musk’s purchase of Twitter. According to Coindesk, one Dogecoin had a value of $0.17 at its peak. As of the writing of this article, the exchange rate for cryptocurrency has dropped to $0.16 per one unit.
Dogecoin was originally created as a joke in 2013. Its basis was the Doge meme featuring an image of a Shiba Inu and Dogecoin. Elon Musk tweeted several times last year to support cryptocurrency. The meme cryptocurrency reached an all-time high of $0.74 per unit. Musk was a shareholder in Dogecoin. He also permitted Tesla customers to purchase goods with cryptocurrency. Musk explained his support for cryptocurrency via its popular character, and pointed out that many employees of SpaceX and Tesla have Dogecoin.
The rate of other cryptocurrency cryptocurrencies rose in the wake of news of Musk’s purchase of Twitter. Bitcoin, for example, fell to $38,200 an unit on Monday morning, but rose to $40,200 at the end. Ethereum prices rose about 2% during the same time period to $3.022 per token. At the time of writing this note, one bitcoin was worth $40,514, and $3,004 for “ether.”