Dogecoin skyrockets after Elon Musk’s Twitter takeover

Elon Musk takes over Twitter. It was declared and Dogecoin’s price increased by over 30 percent. This meme-inspired crypto reached more than $0.16. It saw its returns back in the list of leading 10 most valuable cryptos. Elon Musk is a vocal cryptocurrency advocate. He is also a Dogecoin investor. He mentioned that his priority will be cracking down upon crypto scam Twitter accounts as the new owner. Other changes to this social media platform may include ways to tip different users in crypto, and here is the beginners guide for crypto trading, using cryptocurrency micropayments for verifying that any user is a real person and not any spam bot.

All about Dogecoin

  • The price of Dogecoin is up almost 14 %.
  • It was at a low of nearly 12 cents.
  • The price of the crypto increased and reached a price of nearly 14 cents before it retreated slightly.
  • This price increase comes as Twitter was getting ready reportedly for accepting the proposal of Elon Musk of buying this social media company for almost $43 billion.
  • A deal may get finalized and declared. But negotiations may still fall through.
  • On 9th April Elon Musk left many tweets.
  • He who purchased a 9.2 % stake in this social media account earlier in the month of April, proposed a few changes to the subscription of Twitter service named Twitter Blue.
  • He mentioned that he may be including Dogecoin as one payment option for that service.
  • Earlier this month Elon Musk also rejected one Twitter board seat.
  • He thus made it very clear that he wished to purchase it.
  • Before securing funding, it was expected that the board will be rejecting his proposal and launch a defense of the poison pill on 15th April.
  • It is a move that has been designed to discourage any hostile takeover.
  • Last year in April in a tweet he called himself the “Dogefather as he has been a huge Dogecoin proponent.
  • Dogecoin’s price swings frequently coordinate with the tweets of Musk or his actions.
  • Last December his tweet of Tesla accepting Dogecoin as a method of payment in case of branded merchandise increased the meme coin’s price by 33% to 21 cents from 16 cents.

The scenario in the crypto world

  • The overall crypto market increased by almost 5 per cent after this new Twitter takeover by Elon Musk.
  • It bucked a downward trend.
  • It saw its market cap move from more than $2.1 trillion to less than $1.8 trillion from the beginning of April.
  • The sudden increase in price in Dogecoin follows the recent trend for the crypto joke to leave reactions to comments and actions done by Elon Musk.
  • Billy Markus the Dogecoin founder responded to its price rise. He tweeted that such a price rise can be seen if only Elon Musk purchased Twitter daily.

Conclusion

This crypto was created originally as a joke in 2013. But by market cap, it has become the 11th largest crypto. The value of Dogecoin fluctuates often along with different promotions from various celebrities apart from Elon Musk. They are Snoop Dogg, the rapper, and Kiss, the rock band Gene Simmons. The crypto has no such limits to the coin numbers that can be present. So it means if more coins get created their price should decrease theoretically. Mark Cuban the billionaire investor and entrepreneur mentioned that the crypto Dogecoin has no such intrinsic value. Last year in February, Elon Musk offered to buy Dogecoin whales for transforming it into the so-called currency of the internet. He has previously purchased some cryptos. Then he tweeted that if significant Dogecoin holders sell most of their cryptos it will be getting his complete support. He said if they void all accounts he will be paying actual $. This is not the first time that the news related to Elon Musk caused some rally in this popular crypto. In May 2021, the all-time high price of this meme coin coincided with the appearance of Elon Musk as the host of a popular show. During the show, he often gave references to crypto. The price increased close enough to $0.70. Yet it crashed subsequently to nearly $0.10 before it staged the latest recovery. Even after the volatility, Dogecoin is up over 7000 per cent in the past two years.

Teboho Ibrahim
Teboho Ibrahim
Love culture History Freedom Truth and experience.

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