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Dogecoin Leaps 94% in Weekly Gains Following Elon Musk’s Twitter Acquisition

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As Elon Musk ostensibly set Twitter free from its cage, popular meme coin Dogecoin broke out of the doghouse that is crypto winter.

The coin saw an extended rally following the social media giant’s acquisition by the world’s richest man, briefly doubling in value to 14 cents per Doge earlier this week. It now sits at 11 cents as of this writing, up 94% in the past week, according to CoinGecko

The billionaire’s outsized impact on Dogecoin is nothing new, but the coin eclipsed prices this week not seen since May. Musk has not mentioned the coin since completing his $44 billion purchase of Twitter, but has responded to tweets from Billy Markus, one of the developers behind Dogecoin, multiple times.

In the past week, Dogecoin’s total value has grown from around $8.1 billion to $15.9 billion as of this writing, surpassing coins such as Cardano and Solana, according to CoinGecko. It is now the eighth largest cryptocurrency by market capitalization.

The coin has also seen notable volume on major cryptocurrency exchanges over the past day. Totaling $302 million over the past 24…

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