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Dogecoin Soars as Elon Musk's Twitter Deal Nears Completion
The billionaire entrepreneur is supposed to close his purchase of the social media platform on Friday.
Popular meme coin dogecoin (DOGE) was up nearly 16% over the past 24 hours as billionaire Elon Musk's purchase of Twitter approached the finish line.
The Tesla founder's $44 billion deal is supposed to close on Friday.
STORY CONTINUES BELOW
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Musk has been a major supporter of DOGE, which has become a proxy for sentiment about him. The entrepreneur's statements about the token have also consistently influenced its price.
DOGE was most recently trading at slightly over 7 cents. It had been languishing below 6 cents for much of the past six weeks. A year ago, DOGE was trading at 25 cents.
Read more: Dogecoin Jumps on Elon Musk SpaceX Tweet
UPDATE (Oct. 27, 2022, 11:41 UTC): Corrects deal value to say $44 billion.
UPDATE (Oct. 26, 2022, 23:12 UTC): Adds most recent DOGE price and history.
James Rubin
James Rubin was CoinDesk's Co-Managing Editor, Markets team based on the West Coast. He has written and edited for the Milken Institute, TheStreet.com and the Economist Intelligence Unit, among other organizations. He is also the co-author of the Urban Cyclist's Survival Guide. He owns a small amount of bitcoin.
