The price of Dogecoin shot up to 27% following the news that Elon Musk officially bought Twitter.
This Shibu Inu meme coin jumped to 17 US cents. This makes it the most prominent among other cryptocurrencies, such as Bitcoin and Ether, whose exchange rates are relatively flat.
Elon Musk has been a huge supporter of Dogecoin, even calling himself the “Dogefather” in a tweet last April. These changes in the value of the digital coin often go hand in hand with the tweets or actions of the Tesla and SpaceX CEOs.
In May last year, the post of the world's richest man sparked a dogecoin rally to an all-time high of 67 US cents. In January, Musk said on Twitter that Dogecoin could be used to buy Tesla products.
“Elon has publicly supported Dogecoin and previously spoke positively about this token,” said Teong Hng, chief executive of Hong Kong-based crypto investment firm Satori Research.
"The market was anticipating that it could include Dogecoin as a payment system (on Twitter), which is why there's this rally."
It is very possible to happen. Because Tesla himself has bought Bitcoin worth USD 1.5 billion and plans to accept it as payment.
"This is over-speculation, as far as I know Elon hasn't talked about Dogecoin integration plans," said Noelle Acheson, head of market insights at Genesis Global Trading. "But the odds, even if remote, are enough to get traders excited about the potential gains in Doge adoption."
As previously reported, Elon Musk has officially bought Twitter. The richest man in the world is willing to pay $44 billion in cash to control the social media icon of the blue bird.
"Freedom of speech is the cornerstone of democracy, and Twitter is the digital city square where what matters to humanity's future is debated," Musk said in the statement.
"I want to make Twitter better than ever by improving the product with new features, making the algorithm open source to increase trust, defeating spam bots, and authenticating all humans"
He hopes the worst criticism of him will remain on Twitter. Because according to him that is the meaning of freedom of speech.
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