A parabolic surge in meme cryptocurrency Dogecoin over the past week is encouraging speculation that other so-called alternative tokens could also catch a speculative tailwind.
The coin represented by an image of a Shiba Inu has climbed to almost 15 US cents from roughly 6 US cents over the period, an advance that in percentage terms far outstrips the performance of top token Bitcoin.
The proximal cause is the $44 billion purchase of Twitter Inc. by Elon Musk, a longtime supporter of the coin. Kunal Goel, a research analyst at Messari, said that some traders believe Musk will integrate the token into the platform.
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