Dogecoin Prices Flip 34% Higher After Musk’s Twitter Purchase Confirmation

The world's richest man shakes the digital space once again.


In a move that has astonished the business world, Tesla CEO Elon Musk has agreed to take over social media giant Twitter (NYSE:TWTR). The deal, which is worth around $43 billion, will see Musk become the sole owner of the platform.

Twitter has long been one of the most popular social media platforms, with over 330 million monthly active users. It is known for its instant messaging service and its ability to break news stories.

Under Musk’s ownership, it is likely that Twitter will undergo some major changes. Musk is known for his innovative thinking and his willingness to take risks. He has already shaken up the digital space with his companies Tesla (NASDAQ:TSLA) and SpaceX. It is yet to be seen what he will do with Twitter, but one thing is for sure: it is going to be interesting.

Following the announcement, Dogecoin (DOGE) surged from an intraday low of $0.1243 to a high $0.1673 for a 34% gain. Such a strong spike in price for the meme crypto asset was expected as Musk is a well-known Dogecoin supporter. In April 2019, he even declared the world’s first-ever dog-themed meme coin as his favorite cryptocurrency. This led to a massive increase in the price of Dogecoin.

Musk has also been working on getting Tesla to accept DOGE as a payment method. Most recently, after buying a 9.2% stake in Twitter, Musk even toyed with the possibility of a monthly subscription service for the immensely influential site, proposing an option to pay for the service in DOGE. If Twitter were to start accepting Dogecoin, it would be a huge boost for the currency.

Recently, Musk joined DOGE co-founder Billy Markus to discuss how to add more utility and value to the coin. The creator of Dogecoin, whose Twitter handle is Shibetoshi Nakamoto, took to the micro-blogging site to discuss some of his vision for the future of the cryptocurrency. In a series of tweets, Markus set out three areas that he believes are important for the development of Dogecoin.

Firstly, he believes that more businesses should start accepting Dogecoin as a form of payment. This would help to increase its utility and boost its adoption.

Secondly, Markus believes that Dogecoin should be used more as a tipping currency. He argues that this is the coin’s purest use case and that it “brings happiness” to those who receive tips.

Finally, Markus suggested creating a bridge between Ethereum (ETH) and DOGE, which he argues would enable the altcoin to be used with Web3.

Musk responded to Markus’ tweets saying that DOGE could gain more utility if more businesses started accepting it. He also said that the idea of using DOGE as a tipping currency is nice, but he believes that creating a bridge between ETH and DOGE is “not needed.”

Markus agreed with Musk’s views, saying that while he sees web3 as a developer playground, he doesn’t think it’ll take over the web.

The digital space is constantly evolving, with new projects and ideas shaking up the status quo. Dogecoin has rallied in recent days as Elon Musk shakes up the industry once again. Who knows where the cryptocurrency market will go next, but one thing is for sure – it’s always an exciting ride.

Price Action

As of press time, Dogecoin is changing hands at $0.154, up about 10% intraday. Based on the data from CoinMarketCap, the coin traded in a range of $0.1377 – $0.1677, indicating some degree of volatility over the last 24 hours.

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