DOGE’s price rose by nearly 25% to $0.15 on a 24-hour adjusted timeframe, confirming that traders considered Musk’s acquisition of Twitter a bullish event for Dogecoin.
Previously, the tycoon had pointed out that dogecoin is more suitable for transactions than bitcoin. “The total flow of transactions you can do with dogecoin, as transactions per day, has a much higher potential than bitcoin whose cost of per transaction is high,” he recently told Time magazine.
He also shared his thoughts on how to improve dogecoin, which prompted fresh speculation that the blockchain might be integrated into Twitter once Musk had control.
Musk has been a huge proponent of Dogecoin, going so far as to call himself the “Dogefather” in a tweet last April. Price swings for the coin often go hand-in-hand with Musk tweets or actions. When he tweeted last December that Tesla would be accepting Dogecoin as payment for branded merchandise, its price increased 33% from about 16 cents to 21 cents, according to CoinGecko. Interestingly, the news of Musk’s takeover hasn’t impacted other cryptocurrencies in the top 10 quite as much as dogecoin.
The meme cryptocurrency was originally created as a joke in 2013, but it has risen to become the 11th-biggest cryptocurrency by market capitalization, according to CoinMarketCap. The cryptocurrency’s value often fluctuates along with the promotions from celebrities like Musk, rapper Snoop Dogg, and Gene Simmons of the rock band Kiss. Billionaire entrepreneur and investor Mark Cuban has said the cryptocurrency has no intrinsic value.