Dogecoin surged by 24% over the past month, surpassing other cryptos thanks to Elon Musk.

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• According to Messari, Dogecoin's value has increased by 24% over the last month.
• The price of the tokens fluctuates based on tweets from Elon Musk, Tesla's CEO and Twitter.
• The Tesla executive offered 1,000,000 dogecoins to anyone who could prove that his family owned a stake in a mine of emeralds.

Dogecoin's price has increased by 24% over the last month due to Elon Musk’s antics regarding the meme token. This is outpacing the broader cryptocurrency rally.

According to Messari, the crypto market grew by up to 6% on Monday.

A few weeks back, the winning streak began when Twitter changed its bluebird logo into a shiba-inu as a tribute to dogecoin. The day Musk's social platform changed the logo, the dogecoin price soared by around 20%.

Twitter automatically responded to Insider's request for comment with a poop-emoji.

Musk's attorneys also asked for the dismissal of a lawsuit that was filed in early April. The suit claimed that Musk manipulated dogecoin prices and increased them by over 36,00%. According to court documents, Musk's attorneys have referred to these allegations as "fanciful fiction".

Last week, the SpaceX executive offered 1 million dogecoins, which is worth about $90,000. This bounty was given to anyone who could prove that Musk or someone in his family owned an emerald mining. Musk offered the bounty in response to reports in the media that claimed his father owned an emerald mining operation in South Africa as a young child.

Dogecoin has performed better than major tokens such as ethereum or bitcoin in the past month, with gains of over 9% and 17%, respectively.

The rally in digital asset prices comes as a result of Ethereum's much-anticipated upgrade to its network, which has sent the cryptocurrency to an 11-month high, and amid hopes among the market participants that the Federal Reserve will soon end its aggressive campaign for tightening monetary policy.

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By: mchittum@insider.com (Morgan Chittum)
Title: Dogecoin has surged 24% in a month, outperforming major cryptos on Elon Musk’s antics
Sourced From: markets.businessinsider.com/news/currencies/dogecoin-price-elon-musk-twitter-crypto-market-outlook-bitcoin-ethereum-2023-4
Published Date: Mon, 17 Apr 2023 15:36:33 +0000

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