The price of Dogecoin is on the rise again. Following the announcement of the takeover of Twitter by Elon Musk, many investors placed their funds in cryptocurrency. Some observers expect Musk to integrate DOGE into the social network he just acquired.
After weeks of twists and turns, Elon Musk finally got his hands on Twitter. The richest man in the world paid 41 billion euros, or 44 billion dollars, to buy the social network. The billionaire aims to make many changes to the operation of the platform. Openly libertarian, Elon Musk wishes in particular ease content moderation and promote freedom of expression.
Over the past few weeks, the Tesla and SpaceX founder has also floated the idea of accepting cryptocurrencies on Twitter. In a flurry of tweets posted shortly before his refusal to serve on the board, Musk imagined a Twitter Blue subscription that is paid for in cryptocurrencies. Available in only a handful of countries, the Twitter Blue subscription allows you to take advantage of exclusive features, such as the cancellation of a tweet.
Twitter takeover boosts Dogecoin price
Unsurprisingly, Elon Musk did not talk about Bitcoin or Ethereum but about Dogecoin, the digital currency born out of a joke. The billionaire has regularly demonstrated a special love for cryptocurrency. In recent years, the boss of Tesla has periodically caused the rise in the price of DOGE, by letting go on his Twitter account, with publications as cryptic as playful.
Musk didn’t just tweet his love for Dogecoin. Since January 2022, Tesla has been accepting payments made in Dogecoin on its online store. Shortly after, the automotive firm began accepting DOGE as payment to Superchargers, starting with the new charging station in Santa Monica (California)
This is why many investors have decided to place their holdings in Dogecoin following the announcement of the takeover of Twitter. Some traders in the cryptocurrency sector obviously believe that Elon Musk could choose to implement DOGE on the social network. In the past, it has been estimated by many that Dogecoin would be the future currency in force on the Internet.
Within hours of the takeover announcement, Dogecoin gained nearly 26% in value, to reach 16 cents. DOGE started to climb around 1pm yesterday as rumors of a deal between Musk and Twitter spread, reaching 17 cents around 9pm, up 36% in 24 hours. Currently, the currency rate has stabilized around 16 cents.