The price of popular meme coin Dogecoin rose sharply Tuesday, building on a gain that saw it more than double in value in October, following Elon Musk’s acquisition of Twitter for $44 billion.
The Shiba Inu-themed
coin $0.14, up 9.63%, according to CoinDesk data.
Musk’s acquisition of Twitter
of the cryptocurrency.
Earlier this year, Musk’s SpaceX began accepting it for selected merchandise, and electric vehicle maker Tesla Inc.
had made a similar move in January. Binance CEO Changpeng Zhao said earlier this week that cryptocurrency could be used to charge select Twitter users for the service. Binance put $500 million into Musk’s acquisition.
Dogecoin has led the pack of cryptocurrencies, gaining 17 times more than bitcoin. Bitcoin
traded at $20,437.63, a change of 0.23% over the past 24 hours, according to CoinDesk data.