Dogecoin Rally Continues on Elon Musk Pump

Meme cryptocurrency Dogecoin has nearly doubled in price since Elon Musk officially took over Twitter (TWTR) on Friday. “ChiefTwit” regularly flirts with the Dogecoin community, which is hoping for an integration with Twitter now that Tesla (TSLA) CEO is in the driver’s seat.


On Halloween night, he tweeted a photo 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% to nearly 16 cents after the tweet, but has settled a bit this morning.

Musk Tweet Sparks Scam Cryptos

Some 169 cryptic cryptocurrencies were created after Musk’s tweet, named after Doge, Twitter, Elon, or a combination of the three. Of these, around 67 tokens have already lost 90% of their value, 45 lost all value and 42 were honeypots, or cryptos that can only be bought but not sold, according to data from the Blockchain security analytics firm PeckShield.

Dogecoin Price Action

Musk and Twitter rally have Dogecoin trading at its highest level since spring. DOGE rocketed from fractions of a cent to an all-time high of 73 cents last May. But it fell below 20 cents in July and has not stayed 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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