Dogecoin rose 30% in recent days

On the announcement that Elon Musk is purchasing Twitter, the cryptocurrency founded as a joke surged 30 percent.

Because of Elon Musk's $44 billion acquisition of Twitter (TWTR), fresh light has been shed on the Dogecoin cryptocurrencies (DOGE).

A six-month downhill spiral has seen the original meme currency perform worse than any other digital asset or token in that period. In the previous six months, DOGE has dropped by 52%, including a 21% decline so far this year.

When Dogecoin was trading at an all-time high of $0.68 per token in May, crypto bulls were aggressively trying to drive the price up to $1. Nonetheless, the currency once used as a joke is still intimately connected with Elon Musk and recently received a boost when the Tesla CEO purchased Twitter (TWTR).

A recent rise in Dogecoin's price was temporary, and the digital currency is still a bad investment. There is no need to be deceived by any surge in the value of Dogecoin. The meme coin is still one of the worst bets you can make in a cryptocurrency.

Not only is Dogecoin a joke, but that was the whole point all along. Serious crypto investors would be better served by purchasing a more reputable digital asset, such as Bitcoin or Ethereum Classic (BTC or ETH).