The relationship between Dogecoin and Elon Musk is already well known in the cryptocurrency community. Musk has been expressing his affinity and support for the famous meme coin through various actions. However, recent developments have resulted in a lawsuit, with Dogecoin investors accusing Musk of insider trading involving Dogecoin.
Musk’s involvement was instrumental in Dogecoin’s transformation from a simple meme to its current status. His tweets about Dogecoin, his acquisition of Twitter, and his recent replacement of the Twitter logo with the Dogecoin symbol have all helped drive up the price of DOGE.
Now, the price of the largest meme coin has soared. Prices surged following Musk's recent tweet.
DOGE surges 4% after Musk tweets
Data from CoinMarketCap shows that the price of DOGE has surged from a 24-hour low of $0.06774 to a high of $0.07121. However, the price of DOGE has fallen, trading at $0.07008 at press time, up 3.3%.
The recent surge in Dogecoin’s price comes after quite some time, as Musk has not commented on Dogecoin recently. When Musk acquired Twitter, there was widespread speculation that DOGE would be folded into Twitter. However, Musk has yet to share any relevant information.