Elon Musk makes a move, and the price of the meme cryptocurrency Dogecoin (DOGE) flutters. The Dogecoin price increased by more than 10% in April after Musk revealed that he owns nearly 9.2% of Twitter, worth approximately $2.88 billion.
And now that Elon Musk’s offer to buy Twitter for $44 billion has been accepted, the coin has entered the top ten cryptocurrencies and is trending on Twitter.
Dogecoin was trading at $0.15 when writing, representing a whopping 27% gain since the news broke.
According to Coinmarketcap data, the largest meme coin surpassed Polkadot and Avalanche to enter the top 10 coins with a market capitalization of $21.2 billion.
The coin’s traded volume increased by about 1,000% in the last 24 hours, with tokens worth more than $6.25 billion changing hands.
Musk is one of Dogecoin’s most well-known supporters. Tesla, in fact, has begun accepting DOGE payments on its merchandise store. DOGE prices increased by more than 11% in January 2022 due to this news.
In addition to being a dogecoin influencer, Musk’s Tesla is one of the largest corporate buyers of bitcoin. Those hoping to see more crypto-native features on Twitter will be watching Musk to see how he prioritizes crypto. On the surface, Bitcoin’s censorship-resistant nature aligns with Musk’s vision of a free-speech utopia.
“Free speech is the bedrock of a functioning democracy, and Twitter is the digital town square where matters vital to the future of humanity are debated,” Musk said in a statement Monday.
DOGE supporters are upbeat about the development and are driving up the price while tweeting their joy.
It will be interesting to see what Elon Musk has in store for the DogeCoin in the future.