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
DOGEUSD,
coin $0.14, up 9.63%, according to CoinDesk data.
Musk’s acquisition of Twitter
undefined
of the cryptocurrency.
Earlier this year, Musk’s SpaceX began accepting it for selected merchandise, and electric vehicle maker Tesla Inc.
TSLA,
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
BTCUSD,
traded at $20,437.63, a change of 0.23% over the past 24 hours, according to CoinDesk data.