The price of Dogecoin shot up nearly 40 percent after , who has famously promoted the joke cryptocurrency on his , finalized a deal to buy the social media company for $44 billion in cash.
The so-called 'meme coin' rose to 16.7 cents after the purchase was announced Monday afternoon, up from 12 cents that morning. Musk had previously floated the idea that users could pay for Twitter's premium service with the coin.
It is worth about 15 cents as of Tuesday morning.
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