This article was last updated on October 31, 2022
The cryptocurrency known as Dogecoin, named after a popular dog joke that went viral in 2013, has increased by 35% since Monday as Elon Musk’s acquisition of Twitter nears completion. The token’s price often follows the CEO of Tesla’s remarks as they are made. Since Wednesday, when the CEO of SpaceX changed his Twitter profile to “Chief of Twit” Doge has increased by 10%. In a similar vein, the meme currency saw a price increase in April. This was when Musk initially suggested using Dogecoin as a payment option for Twitter’s Blue membership service. In June, it saw a sell-off as Musk attempted to back out of the acquisition.
Since it was revealed that Elon Musk would close the Twitter acquisition on Friday, Dogecoin and Shiba Inu have both surged higher and gained more than the Twitter stock as a whole. Elon Musk is open about his affection for Dogecoin. He has promoted the cryptocurrency on several occasions and now lets users purchase Tesla (TSLA) items with DOGE. Additionally, he has publicly stated his intention to let DOGE be used to pay for SpaceX merchandise.
Will Musk Add Dogecoin Support To Twitter?
Musk has consistently stated his intention to integrate cryptocurrencies on Twitter and his liking for Dogecoin. As such, the most recent surge in the price of Dogecoin is related to Musk’s acquisition of Twitter. The inclusion of cryptocurrencies on Twitter is positive for the whole cryptocurrency sector and aids in the widespread acceptance of cryptocurrencies, which is especially beneficial for Dogecoin. When Dogecoin (DOGE) surges, the whole memecoin market often follows suit, with Shiba Inu (SHIB) usually not far behind. This time around, nothing is different.
On Monday, renowned tech writer Jane Manchun Wong tweeted that Twitter was “working on a wallet prototype” that supported “crypto deposit and withdrawal.” Jane Manchun Wong is recognized for making insightful predictions in the field. We don’t yet know which network or kind of cryptocurrency will be supported, Wong said to CNBC. Although the social media firm did launch a tipping tool last year that enables users to donate Bitcoin to creators over the site, Twitter has not yet released a cryptocurrency wallet product. Ethereum was integrated into Twitter’s tips feature in February.
The last 24 hours saw the liquidation of about $8.69 million worth of Dogecoin futures options, according to information from Coinglass. The majority of Dogecoin liquidations (78.81%) were caused by blown-out short bets.
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