Meme cryptocurrency Dogecoin has nearly doubled in price since Elon Musk officially took over Twitter (TWTR) on Friday. The “ChiefTwit” regularly flirts with The Dogecoin community, which is hoping for an integration with Twitter now that the Tesla (TSLA) CEO is in the driver’s seat.
Halloween night he tweeted a picture of a Shiba Inu wearing a Twitter T-shirt and captioned it with a wink emoji, a clear nod to the meme cryptocurrency’s mascot. DOGE jumped nearly 24% and almost hit 16 cents following the tweet, but has settled a bit this morning.
Musk Tweet Sparks Scam Cryptos
Roughly 169 dodgy cryptocurrencies were created after Musk’s tweet, named after Doge, Twitter, Elon or some combination of the three. Of those, about 67 tokens already lost 90% of their value, 45 lost all value and 42 were honey pots, or cryptos that can only be purchased but not sold, according to data from Blockchain security analysis firm PeckShield.
Dogecoin Price Action
The Musk and Twitter rally has 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 tumbled below 20 cents by July and hasn’t held above 30 cents since last August.
You can follow Harrison Miller for more stock news and updates on Twitter @IBD_Harrison
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