advertisement

Dogecoin Spikes Nearly 10% on Elon Musk-Twitter Takeover Confirmation

Dogecoin

According to Reuters, Twitter is sorting out the details of the deal and could strike an agreement as soon as Monday. According to a filing earlier this month, Musk owns 9.2 percent of Twitter. He also controls electric vehicle maker Tesla and space exploration firm SpaceX, among other firms.

After the reports of Elon Musk’s Twitter takeover, Dogecoin spikes nearly 10% and is now up 4%, despite being down 8% from the start of the day. Dogecoin ($DOGE) is a meme-based cryptocurrency that appears to be Tesla and SpaceX CEO Elon Musk’s favorite cryptocurrency based on how frequently he mentions it, is skyrocketing.

The price of Dogecoin and Musk’s impending purchase of Twitter are unrelated. However, some analysts believe Musk’s constant support for the meme coin fuels speculation among crypto investors hoping to see dogecoin integrated into Twitter’s long-term goals.

“The speculation is that advertisers could be able to pay DOGE for ads and for other uses on Twitter,” Kryptomon Chief Marketing Officer Tomer Nuni explained earlier this month. “We have seen the same happening when Tesla revealed the ability to pay for its goods with DOGE. So the speculation could be around Musk’s businesses and stakeholdings starting to accept crypto, as Tesla does.”

Billy Markus and Jackson Palmer founded Dogecoin, which was first released on December 6, 2013, as a “fun and friendly internet currency.”

It’s a “decentralized, peer-to-peer digital currency” with a Shiba Inu as its logo (a Japanese breed of dog). Since then, its popularity has skyrocketed, and it is now the 11th most valuable cryptocurrency, with a market capitalization of about $20 billion.

Image Credit: Shutterstock

Get Latest Cryptocurrency And Bitcoin News

Signup this form below to get latest Cryptocurrency and Bitcoin news, directly in your mailbox

Note:

Keep in mind that we may receive commissions when you click our links and make purchases. However, this does not impact our reviews and comparisons. We try our best to keep things fair and balanced, in order to help you make the best choice for you.