Dogecoin Rally Continues On Elon Musk Pump

Meme Dogecoin cryptocurrency has nearly doubled in price since Elon Musk officially took over Twitter (TWTR) Friday. The “ChiefTwit” regularly flirts with The Dogecoin community, which hopes for a integration with Twitter now that the You’re here (TSLA) The CEO is in the driver’s seat.




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On Halloween night, he tweeted a photo of a Shiba Inu wearing a Twitter T-shirt and captioned it with a winking emoji, a clear nod to the crypto mascot. currency itself. DOGE jumped almost 24% and nearly hit 16 cents after the tweet, but leveled off a bit this morning.

Musk Tweet Sparks Scam Cryptos

Around 169 dubious cryptocurrencies were created after Musk’s tweet, named after Doge, Twitter, Elon or a combination of the three. Of these, around 67 tokens have already lost 90% of their value, 45 have lost all value, and 42 were honeypots, or cryptos that can only be bought but not sold, according to data from the company. Blockchain security analysis. PeckShield.

Dogecoin course

The Musk and Twitter rally saw Dogecoin trading at its highest level since the spring. DOGE catapulted from fractions of a cent to an all-time high of 73 cents last May. But it fell below 20 cents in July and hasn’t topped 30 cents since last August.

You can follow Harrison Miller for more stock info and updates on Twitter. @IBD_Harrison

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