Dogecoin price skyrockets after Elon Musk announces he bought Twitter

The price of one of the most popular cryptocurrencies has skyrocketed by 30% since Tesla, and SpaceX CEO Elon Musk announced the purchase of Twitter.

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Twitter's board has accepted Elon Musk's offer to purchase Twitter, and according to a press release by Twitter, the company has entered into a "definitive agreement" to be acquired by Musk. As soon as the news of Twitter officially being acquired by Musk, the price of the Tesla CEO's favorite cryptocurrency, Dogecoin, began to increase steadily, and over the course of 24 hours, it rose by 30%.

Dogecoin has been a long favorite of Elon Musk's cryptocurrency coins, with it being one of the three cryptocurrency coins that Musk says he holds. The other two are Bitcoin and Ethereum. On March 14, 2022, Musk wrote on Twitter that he still owns his Bitcoin, Ethereum, and Dogecoin and that he won't be selling it anytime soon.

Read more: Twitter employees ask the CEO what Elon Musk's takeover means for them

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