No other celebrity does have as large an impact as Elon Musk does on Dogecoin (DOGE), merely from Twitter activity. That DOGE price immediately jumps whenever Musk mentions the memecoin speaks it all. In fact, a large part of Dogecoin’s popularity can be attributed to Elon Musk. After a spell of continuous mentions about the memecoin last year, there has been a lull in recent times. The DOGE price has largely been fluctuating around the $0.058 level in recent times.
Elon Musk And The Dogecoin Project
Following the news that Elon Musk was about to first takeover Twitter in April, there was huge traction for DOGE. The news got many people thinking if Elon Musk would enable Dogecoin payments to Twitter. In a latest, with Musk’s intent to buy Twitter at original offer price, the DOGE community was elated. However, there was no official hint from neither Musk nor the Dogecoin team about the DOGE payments plans.
On Friday, the Tesla chief executive officer had interacted with a Dogecoin designer. He replied to a witty tweet from DogeDesigner, a user interface and graphic designer at the Dogecoin Foundation. This is an interesting development considering his renewed interest in acquiring Twitter and future prospects of DOGE. Musk recently tweeted suggesting that buying Twitter would help his future plans of building an ‘everything app‘.
“Buying Twitter is an accelerant to creating X, the everything app.”
Sudden Rise In DOGE
After news came out that Musk is willing to acquire Twitter at original offer price, there was a sudden spike in DOGE price. There was an immediate price spike by more than 8% following the announcement. As of writing, DOGE price stands at $0.06233 up 1.19% in the last 24 hours, according to price tracking platform CoinMarketCap. If the Twitter takeover deal goes through successfully in coming days, DOGE price could skyrocket in short span.
On chain data shows that DOGE whales have transferred around 1 billion Dogecoins after the new Twitter deal talks began. Dogecoin holds the distinction of being the largest memecoin and a cryptocurrency ranked 10 based on market cap.
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