Another memecoin Shiba Inu has also followed the same trend although on a much smaller scale, up 18% over the past week.
The ‘memecoin’ Dogecoin — which is among the top cryptocurrency by market capitalisation — has surged by more than 95% to 12 US cents (17 cents) following Elon Musk’s takeover of social media firm Twitter.
The CEO and cofounder of electric vehicle giant Tesla has been a vocal and prominent supporter of Dogecoin. Tesla, for instance, started accepting Dogecoin in January this year while Musk’s The Boring Company’s perfume “Burnt Hair” can also be bought using Dogecoin.
