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Dogecoin Spikes By 13% Minutes After Elon Musk’s Twitter Purchase Confirmation

Following the announcement of Elon Musk’s Twitter purchase, Dogecoin spiked by 13% and is now up 4% while being down 8% since today’s opening.

Doge Spikes By 13% Minutes After Elon Musk’s Twitter Purchase Confirmation

Such a strong spike in price was expected by several cryptocurrency experts as Musk is a well-known Dogecoin supporter and enthusiast who believes in the superiority of the memecurrency over other projects.

Recently, Musk joined the developer of Dogecoin in a discussion of what will make Dogecoin better and help in its adoption on the cryptocurrency market.

Markus and Musk agreed on wanting the further growth and adoption of Dogecoin

Doge Spikes By 13% Minutes After Elon Musk’s Twitter Purchase Confirmation

To add utility to Dogecoin, Markus offered more businesses to accept Doge as a payment tool, which should be considered a good use for the memecurrrency, which offers relatively low fees and fast transaction processing.

The second offer was to use Doge as a tipping currency on various platforms. While Markus did not offer Twitter as a place for tipping in Doge, Musk may consider it after taking control over one of the biggest social media platforms in the world.

Previously, Musk announced his plans for Twitter, which will be making the company private, adding a whole new verification system for getting rid of scam bots and making the platform more user-friendly.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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Annie

Championing positive change through finance, I've dedicated over eight years to sustainability and environmental journalism. My passion lies in uncovering companies that make a real difference in the world and guiding investors towards them. My expertise lies in navigating the world of sustainable investing, analyzing ESG (Environmental, Social, and Governance) criteria, and exploring the exciting field of impact investing. "Invest in a better future," I often say. That's the driving force behind my work at Coincu – to empower readers with knowledge and insights to make investment decisions that create a positive impact.

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