If Musk buys Twitter, will Dogecoin prices rise as a result? Many are hoping so. Musk recently suggested that Twitter users could pay for the company’s new Twitter Blue subscription service with dogecoin. That would be a big deal, as Twitter is already in the process of accepting other cryptocurrency payments, including Bitcoin. Musk’s interest in space and cryptocurrency has been well documented in the past, but his interest in Twitter makes this possibility all the more likely.
As an investor, Musk has long been a vocal supporter of cryptocurrency, particularly Dogecoin. Last month, Musk became the world’s richest person, and Tesla attracted large institutional investors and amateurs alike. As a frequent user of social media, Musk possesses a unique understanding of the online culture. Musk had promised to step away from Twitter for a while, but returned to the social-networking site with comments boosting Dogecoin’s value.
In addition to its popularity, Musk is an unofficial spokesperson for Dogecoin. The price of Doge increased after Musk promoted it on SNL, peaking at $0.74 in mid-May. Since then, however, the price has fallen and interest in the currency has diminished. Musk’s tweets often cause price swings in DOGE, and he is believed to have been a major contributor to the coin’s rise in early last year.
Despite its popularity, Dogecoin has had a relatively low price since its creation in 2013. Its creation was a joke, and it is still worth only a few cents today. The price of Dogecoin has risen 25% on the 24-hour adjusted timeframe after the announcement. Musk’s comments sparked speculation that the new cryptocurrency would be integrated into Twitter.
With the news that Elon Musk is buying Twitter, the crypto market has been abuzz with speculation. Musk has previously said that Twitter would accept Dogecoin as a form of payment for merchandise. Additionally, Musk has alluded to using Doge as payment for premium services on Twitter. This could mean a big boost for the cryptocurrency. So, will Dogecoin prices rise after Musk buys Twitter?
The news of Musk’s tweets about Twitter’s acquisition made Dogecoin prices soar. On Thursday, Twitter closed at $5.6 higher. Elon Musk owns an entity that will buy the social media platform. It will also acquire Twitter’s business operations. In addition to Elon Musk’s tweets, Twitter’s price is expected to rise 8%.