Elon Musk is sending Dogecoin up 17%.

Dogecoin, the payment system that software engineers Billy Markus and Jackson Palmer initially invented as a joke as an alternative to conventional cryptocurrencies

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has been steadily declining and trading at a low price for months. But on Wednesday...

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the price of the meme coin suddenly increased, gaining roughly 16% in value over the course of the day and 25% week to week.

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Additionally, it crossed through its downward trend line at $0.089 (€0.089), indicating that demand for the meme coin is dropping.

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Elon Musk's acquisition of Twitter is somehow related to Dogecoin's brief resurgence

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despite the fact that the deadline for his takeover of the firm is approaching on Friday.

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But Musk did more than just tweeting about it

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