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.
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.
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.
Join CoinCu Telegram to keep track of news: https://t.me/coincunews
Follow CoinCu Youtube Channel | Follow CoinCu Facebook page
Hazel
CoinCu News
MicroStrategy Bitcoin holdings are now more than any country, with 214,400 BTC worth $13.6 billion.
The highly anticipated Bitcoin Seoul 2024 conference is gearing up to be a revolutionary event…
As an experimental festival, Non-Fungible Conference aims to revolutionize event frameworks, offering attendees a glimpse…
Blockchain Week Rome 2024 is set to unite the Italian and international crypto communities in…
The eagerly anticipated BlockSplit conference, a premier gathering for blockchain enthusiasts, is set to take…
Despite market downturns, over 95% of Bitcoin ETF investors have held onto their assets, demonstrating…
This website uses cookies.