The relationship between Dogecoin and Elon Musk has become well-known within the cryptocurrency community. Musk has consistently displayed his affinity and support for the prominent meme coin through various actions. However, recent developments have led to a lawsuit, with Dogecoin investors accusing Musk of insider trading involving Dogecoin.
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Musk’s involvement has been instrumental in the transformation of Dogecoin from a simple meme to its current position. His tweets about Dogecoin, acquisition of Twitter, and recent replacement of the Twitter logo with the Dogecoin symbol have all contributed to driving up the price of DOGE.
Now, the largest meme coin has displayed a surge in its price. The surge in price follows a recent tweet by Musk.
DOGE surges by 4% following Musk’s tweet
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, DOGE has dropped in price and is trading at $0.07008 with a 3.3% surge at press time.
The recent surge in the price of Dogecoin comes after quite some time, as Musk hasn’t commented on Dogecoin in recent times. When Musk acquired Twitter, speculation was high that DOGE would be incorporated into Twitter. However, no information regarding that has been shared by Musk.
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