Elon Musk finally purchased Twitter (TWTR) and news of the $44 billion buyout sent Dogecoin flying this week. The popular memecoin rallied 35% as Musk — the self-proclaimed “Dogefather” — repeatedly touted the crypto and engaged with its community of users.
The cryptocurrency was created on a lark in 2014, without any serious intent behind the project. However it gained popularity through its community’s widespread memes online. The price skyrocketed last year along with the craze of meme stock investments but subsequently crashed because it has very little utility. And the developers haven’t made any major changes since 2015, according to crypto analytics site CoinGecko.
Still, Elon Musk has had a love affair with DOGE, promoting it in tweets and sharing various related memes in the past. His Tesla (TSLA), SpaceX and Boring Company all accept Dogecoin as payment for merchandise. And he even named SpaceX’s 2022 moon mission DOGE-1.
Musk’s tweets and announcements have caused price swings in the past. He even mulled using Dogecoin as payment for a subscription or…