Dogecoin Goes Up as Elon Musk Edges on Buying Twitter

Dogecoin Goes Up as Elon Musk Edges on Buying Twitter

The price of Dogecoin rose unexpectedly on 25th Monday after the social media company confirmed that Twitter had accepted Elon Musk’s takeover deal. The meme cryptocurrency went up by more than 20% following the news that the Tesla CEO would be Twitter’s new owner. The statistics show that Dogecoin was last up by around 24.3%. In addition, reports indicate that Twitter shares also went up by about 5.6%.

Dogecoin, the original meme crypto, has its basis in the 2013 Internet meme doge. It was created in the same year as a joke. After being endorsed by the Tesla CEO last year, Dogecoin picked up some importance. Since then, Dogecoin has consistently excited the crypto world across all social media platforms.

Elon Musk had become a “crypto market mover” with his several tweets on Dogecoin and Bitcoin in the same frame of time. In May last year, these tweets made Dogecoin achieve its highest ever market value at 67 cents per Coin Metrics. In addition, the trade volume of the asset went up by around 1,000 percent as tokens worth $6.25 billion were exchanged in 24 hours.

In the same period, Dogecoin witnessed $20.13 million in liquidations. Data obtained from CoinGlass shows that a tag of 132 million Doge was liquidated 24 hours after the announcement, which means that only Ethereum and Bitcoin were ahead of Dogecoin in terms of liquidations.

Jack Dorsey, the former CEO of Twitter, resigned in November to focus on efforts at his payments firm. The company has rebranded from Square to Block to reflect on greater crypto and blockchain technology determinations.

Apart from being a Dogecoin influencer, Tesla is among the largest corporate purchasers of Bitcoin today. It would be interesting to see how Elon Musk plans to integrate crypto into Twitter. It is also important to remember that Elon Musk’s idea of having a free speech dreamland is in tandem with Bitcoin’s censorship-resistant landscape. Murex CEO, and co-founder of the firm, Edul Patel, says that many Dogecoin supporters believe that Elon Musk will find a way to incorporate it into Twitter.

The Tesla CEO, on Monday, gave a statement saying that free speech was the basis of a functioning democracy. He added that Twitter was the platform where fundamental matters affecting the human race are discussed.

Reports confirmed that Elon Musk would buy Twitter for around $44 billion, which means that the billionaire is paying $54.20 for each Twitter share. In a statement made by the social media company last week, it was confirmed that Musk was offering around $21 billion and had already secured around $25.5 of debt, which means that no financial hindrances were preventing the buyout. The Tesla CEO said he planned to make Twitter better by bringing in new features. He also added that it was part of his plan to make algorithms open source to increase trust and overpower all spambots by verifying all users.

On Monday, Billy Markus- Co-creator of Dogecoin, suggested that it would be better if the asset were to be used as a currency. He added that it was perfect to be used as a tipping currency. Markus also suggested an Ethereum upgrade to help improve Dogecoin’s utility.

Interestingly other cryptocurrencies have not been affected by Elon Musk’s Twitter buyout.

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Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.