Dogecoin soars nearly 30% on news of Elon Musk's purchase of Twitter.
Since Elon Musk announced that Twitter had accepted his offer and the purchase was made effective, the price of Dogecoin skyrocketed, going from $0,12 to almost $0,17 in a few hours, a growth of almost 30%.
However, as the morning of April 26 progressed, the price has been correcting slightly and, at the time of writing, is at $0,16.
Dogecoin's momentum is due to it being the favorite cryptocurrency of billionaire Tesla CEO. In the past, Musk has said that Dogecoin will be the “people’s currency” and its price has always fluctuated based on his activity on Twitter. Some experts, such as Teong Hng, CEO of investment firm Satori Research, have said that the market has reacted to a possible implementation of Dogecoin as a form of payment on Twitter.
On the other hand, Noelle Archeson, head of market analysis at Genesis Global Trading, believes that the price increase has a lot of speculation, since Musk has not spoken at any time about future plans to integrate Dogecoin as a payment method, although the possibility, even if remote, is more than enough to get traders excited about the potential investment.
Elon Musk: Twitter, Bitcoin and Dogecoin
Elon Musk has been a leading proponent of Bitcoin and cryptocurrencies for a long time. In this regard, he has pointed out that his car company, Tesla, has more than $1.500 billion in Bitcoin in its treasury. In addition, for a while accepted payments in Bitcoin for cars, although he withdrew this option due to his concerns about the high electricity consumption of mining.
The billionaire is also a big fan of Twitter, where he has more than 84 million followers. On it, he shares his opinions on cryptocurrency-related topics on a daily basis. For example, a few months ago he said that Tesla would start accepting Dogecoin as a payment method for company merchandise and products, but not for car payments.
Elon Musk has also been a strong advocate of using Bitcoin on Twitter, where it has been integrated into some features such as “Tip Jar,” which allows users to tip content creators in Bitcoin. He has also previously proposed using Dogecoin as a payment method for Twitter Blue, the platform’s premium version, suggesting that this could be one of the first integrations of the memecoin into the social network.
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