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Musk's favourite crypto doubles in value, skeptics issue warning

Dogecoin's rally brings focus back on cryptocurrency regulations and decentralised finance networks

Elon Musk
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Raghav Aggarwal New Delhi
The cryptocurrency market slightly improved in the last seven days, but one digital token doubled its value as experts warned against the "false optimism" created by a certain billionaire’s backing for the asset.

Dogecoin (DOGE) rose nearly 100 per cent to $0.12, making it the eighth biggest cryptocurrency by market cap (m-cap). Elon Musk's fondness for DOGE and the fact that the crypto’s price shot up after he announced taking over Twitter brought back concerns around crypto regulations.

"Given that Musk is a common thread between Twitter and Dogecoin, the excitement is reflected in the price rally," said Vivek Iyer,

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First Published: Oct 31 2022 | 3:24 PM IST

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