As the world’s richest man Elon Musk is set to close the $44-billion deal with Twitter, meme coin dogecoin surged on Thursday. The deadline to close the deal is Friday which he had announced several months ago. In the past 24 hours, i.e., a day before the deadline to close the Twitter deal, dogecoin rose by 17 percent to trade at $0.07716.
In the past seven days, the meme coin surged by around 30 percent, according to the Coin Market Cap data. The total market cap of dogecoin is more than $10.386 billion, the data reveals.
The rise of dogecoin has a long association with Elon Musk and particularly his tweets. In the month of May, he tweeted that merchandise for SpaceX could be bought with dogecoin just as Tesla merchandise. This led to an increase in dogecoin’s value by 10 percent.
And prior to that, dogecoin prices jumped as much as 33 percent when he announced, also on twitter, that Tesla merchandise could be bought with dogecoin.
At the same time, bitcoin on Thursday rose by around 8 percent to trade at $20,641 at 9.30 GMT, thus reclaiming the $20,000-mark.
Also, ethereum rose marginally around 1 percent in past one day and 20 percent in one week to trade around $1,549 on Thursday at 9.30 GMT.
Other cryptocurrencies have also witnessed an upswing in the recent past. Ripple on Thursday traded 0.53 higher at $0.47, cardano was up 0.23% to trade at $0.407, stellar rose 0.02% to trade around $0.113, solana fell marginally to $31.52, polkadot fell 1.61% to $6.48 and tron rose to $0.063.