Dogecoin DOGE/USD is trading higher by some 33.28% to $0.0796 over the trailing seven days. The timing of the push higher in the meme crypto appears to be highly correlated to Elon Musk's Twitter buyout.
Traders and investors who are most familiar with Dogecoin know all too well how correlated the price action of the cryptocurrency is to celebrity influence, including but not limited to tweets from Elon Musk.
Per our Benzinga team, sentiment in Dogecoin is turning bullish following news Tesla CEO Elon Musk's deal to purchase Twitter will close Friday.
Musk, who is a Dogecoin bull, has hinted at making Dogecoin the default currency for a potential Twitter wallet.
Shares of Twitter will be suspended from trading Friday, the deadline Musk has to finalize the takeover. Musk has said he plans to take the social media company private...Read More
According to data from Benzinga Pro, Dogecoin is otherwise lower by 70.0% over the past year amid a broader crypto market pullback.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Comments
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
