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Dogecoin Rallies 6.5% Amid Elon Musk’s $1 Trillion Compensation Approval
Dogecoin experienced a 6.5% price increase to $0.17 on Nov. 7, outperforming major cryptocurrencies amid a general bearish market trend. This rally coincided with Tesla shareholders approving Elon Musk's $1 trillion compensation plan.
- Tesla's board approval allows Musk to potentially acquire up to 423.7 million shares over the next decade, conditional on meeting operational and market cap milestones.
- Musk could become the first trillionaire if Tesla reaches an $8.5 trillion valuation.
- During the same period, Bitcoin and Ethereum saw losses of 2% and 3%, respectively.
- Speculation around Musk's potential collaboration with Intel led to a 2.3% rise in Intel's stock.
- Dogecoin derivatives markets recorded a 41% increase in trading activity, with a 10.5% rise in open interest.
Musk's influence on Dogecoin is highlighted by his previous actions, such as a post that caused a 27% surge in Floki Inu's price.
Elon Musk's business moves continue to significantly impact cryptocurrency markets, particularly those he publicly associates with, like Dogecoin.