The world’s wealthiest man has opened the Seventh Seal of the Apocalypse and purchased Twitter, and the cryptocurrency of a meme-ified Shiba Inu is spiking. Happy Monday! Dogecoin has risen in value by almost 26 percent today alone, with most of the growth occurring after the 2:50 p.m. ET official press release that confirmed that Elon Musk would be buying Twitter for $44 billion.
But don’t be fooled by this brief spike: the coin’s value has fluctuated tremendously in the past two years and it’s not safe to assume that anything is going to the Moon (Musk’s plan to bring Dogecoin to the literal moon hasn’t taken flight). Even after today’s Musk-induced rise, Dogecoin is worth just a quarter of its peak value. If you bought $1,000 of Dogecoin on May 7 of last year, it would be worth about $257 and some change today. Yikes.
