2 years ago
Dogecoin’s DOGE tokens spiked immoderate 10% connected Monday arsenic Elon Musk was revealed to clasp a 9.2% stake successful societal media institution Twitter Inc (TWTR), worthy astir $2.88 billion.
Data shows that DOGE jumped from $0.143 to implicit $0.156 respective minutes aft the reports of Musk’s involvement came retired astatine 10:30 UTC. At the clip of writing, prices fell somewhat to $0.154.
DOGE jumped to regular highs of $0.156. (TradingView)
The bump had a correlated effect connected immoderate different memecoins. Shiba Inu’s SHIB jumped 5% alongside the determination successful DOGE.
Musk holds implicit 73,486,938 of communal banal successful Twitter, valued astatine implicit $2.89 cardinal astatine existent prices arsenic reported.
Musk is 1 of the astir celebrated backers of cryptocurrencies. His electrical car institution Tesla reportedly held implicit $2 billion worthy of bitcoin “at the extremity of 2021.” Tesla additionally started accepting bitcoin for its cars successful 2021 but later ended the project citing climatic concerns.
Tesla besides accepts DOGE payments connected its online merchandise store. The quality had antecedently sent prices of DOGE flying 11% successful January.
Musk has antecedently lent enactment to dogecoin improvement and adoption. A May 2021 tweet saw Musk authorities helium was moving with dogecoin developers to amended strategy efficiency. This dogecoin prices flying by 22%.
Then successful June 2021, helium tweeted it was “important to support” a connection that sought to trim dogecoin fees – 1 that would marque dogecoin much competitory compared to different cryptocurrencies.
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Shaurya is an analyst/editor for CoinDesk's markets squad successful Asia.
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