Dogecoin Price Has Jumped Over 40% This Week As 'Dogefather' Elon Musk Seals Twitter Deal

This entire week saw the world eagerly wait for the much anticipated takeover of Twitter by world¡¯s richest person Elon Musk. Just before the October 28th deadline, Elon Musk has finally completed the deal after a roller-coaster of around six months.

And how could Elon Musk¡¯s favorite memecoin stay away from the limelight amidst all this?

bitcoinnews

Amid anticipation of the $44 billion deal¡¯s expected closure, Dogecoin jumped nearly 41% this week, from opening at $0.05984 on Monday, to reaching the high point of $0.08476 yesterday, as per Dogecoin price data on Coinmarketcap. Its trading volume too, has been up around 11% in the pat 24 hours.

However, today its price is down around 4% at $0.074(at the time of writing this report).

Over the past few years, Elon Musk has been pretty vocal about his love for Dogecoin, which has been evident from the numerous tweets he had done in favour of the memecoin.

Even when the world's richest person was hit with a massive $258 billion lawsuit in June 2022 wherein a Dogecoin investor accused him of running a pyramid scheme to support the cryptocurrency, Musk still continued to support Dogecoin despite the lawsuit.

I will keep supporting Dogecoin

¡ª Elon Musk (@elonmusk) June 19, 2022

Here are some of his major tweets showcasing his love for his favorite memcoin.

I will eat a happy meal on tv if @McDonalds accepts Dogecoin

¡ª Elon Musk (@elonmusk) January 25, 2022

It has potential as a currency

¡ª Elon Musk (@elonmusk) May 12, 2022

Even American billionaire entrepreneur Mark Cuban had said last year that dogecoin is the 'strongest' cryptocurrency as a medium of exchange.

I¡¯ve been saying this for a while

¡ª Elon Musk (@elonmusk) August 14, 2021

Yeah, I haven¡¯t & won¡¯t sell any Doge

¡ª Elon Musk (@elonmusk) May 20, 2021

Dogecoin is the people¡¯s crypto

¡ª Elon Musk (@elonmusk) February 4, 2021

The $258 Billion Lawsuit Against Dogefather

Plaintiff Keith Johnson believes Musk increased "the price, market cap and trading volume of Dogecoin" through his promotion of it. He included tweets from Musk, including one promising that SpaceX would "put a literal Dogecoin on the literal moon." He would like Musk to reimburse investors this sum, plus pay double that in damages, i.e. an additional $172 billion, taking the total lawsuit sum to a whopping $258 billion.

He also reportedly wants to block Elon Musk and his companies from promoting Dogecoin and a judge to declare that trading Dogecoin is gambling under federal and New York law.

For the latest and more interesting financial news, keep reading Indiatimes Worth. Click here