The price of Dogecoin grew about 14% on Tuesday after Twitter (NYSE: TWTR) announced that Elon Musk will be joining the board of directors.
Details: A day after Musk announced that he bought a 9% stake in Twitter, the social media giant disclosed in a filing that Musk will join the company’s board. There is a provision that Musk cannot own more than 14.9% of the company’s stock.
Background: Dogecoin, seen by some as the ultimate meme coin, soared in popularity last year thanks in part to Musk who publicly endorsed the cryptocurrency on social media.
Recent History: In the past few months, Dogecoin has been down. Tuesday’s gains were a pleasant surprise.
Final Thoughts: And even though Dogecoin had a spectacular day, the prices of most other cryptos dropped on Tuesday.
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