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Dogecoin Soars as Elon Musk’s Twitter Deal Nears Completion

by Linh Nguyen

The billionaire entrepreneur is supposed to close his purchase of the social media platform on Friday.

Popular meme coin dogecoin (DOGE) was up nearly 16% over the past 24 hours as billionaire Elon Musk’s purchase of Twitter approached the finish line.

The Tesla founder’s $44 million deal is supposed to close Friday.

Musk has been a major supporter of DOGE, which has become a proxy for sentiment about him. The entrepreneur’s statements about the token have also consistently influenced its price.

DOGE was most recently trading at slightly over 7 cents. It had been languishing below 6 cents for much of the past six weeks. A year ago, DOGE was trading at 25 cents.