The doge is freed.
Dogecoin's price doubled after the Tesla tycoon completed the $44 billion deal. It was trading at about $0.07 on Oct. 27 before Musk tweeted"the bird is freed" to announce his ownership. Five days later, it was at $0.16.
"Trading dogecoin around Elon tweets has become a lucrative form of speculation," said Matthew Dibb, chief operating officer of Singapore-based crypto investment manager Stack Funds. The so-called meme coin hit a peak of $0.63 in May last year, but macro gloom and investor apathy to risky markets have since crushed it along with other prominent crypto assets such as bitcoin and ether. Even after the latest rally, doge is down 57% in the past 12 months.
Doge has lifted other dog-themed coins in its wake, chiefly Shiba Inu, which has the same motif of the Japanese canine breed as doge and is designed to be compatible on the Ethereum blockchain. Shib, which trades at just $0.00001, jumped by a third in the days after Musk closed the Twitter deal.
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