You can find why did Dogecoin go up after Elon Musk bought Twitter in this article. The cryptocurrency named after a Shiba Inu meme, Dogecoin, which has long been a favorite of Elon Musk, was up 22.14 percent to $0.162 as of 01:10 a.m. IST Tuesday, according to CoinMarketCap statistics. Twitter’s stock closed 5.6 percent higher for the day.
On Monday, Twitter announced that it had reached a “definitive agreement to be acquired by an entity entirely owned by Elon Musk for $54.20 per share in cash, in a transaction valued at about $44 billion.” The transaction will be completed, and the company will revert to a “privately held corporation” status.
Why did Dogecoin go up?
Musk has been a vocal supporter of digital currencies; he declared that he would not sell his Dogecoin and would keep his Bitcoin and Ether holdings after stating in 2015, “I think the long-term viability of Bitcoin is actually very good. “The rise of Doge, a so-called memecoin (so-called because it is mostly based on an online joke rather than a substantial blockchain project) has been spurred by the Tesla CEO.
Musk has previously stirred the cryptocurrency markets. In February 2021, Tesla announced it had acquired $1.5 billion in Bitcoin and intended to accept it as payment, causing a surge in its stock and currency. However, Musk’s position was changed in May 2019, which caused the value of Bitcoin and other cryptocurrencies to fall.
According to Coin Metrics, in May of the same year, his posts catapulted Doge to an all-time high of 67 cents. The cryptocurrency’s value frequently varies due to celebrity endorsements like Musk, Kiss’s Gene Simmons, and Snoop Dogg.
Does Dogecoin have real value?
Doge’s supply is unlimited, which means that as more tokens are issued, its price should theoretically drop. In November, Jack Dorsey, Twitter’s former CEO and co-founder, stepped down to focus on his payments firm, which changed its name to Block (from Square) to reflect expanded aims in cryptocurrencies and blockchain technology.
Musk has been offering a number of changes to Twitter recently. He also urged that Doge could be used on social networking site as a means of payment. He is currently planning Twitter Blue, a premium service for $2.99/mo. Speculators have bought Doge because of Musk’s “obsession with the cryptocurrency,” and hence the potential for Doge to be given additional utility on one of the top social media networks, according to Marcus Sotiriou, an analyst at digital asset broker GlobalBlock.
Twitter stock price
TWTR stock resumed trading on Monday as the firm revealed it had accepted Elon Musk’s offer to buy the firm. The share price increased 5.9% to $51.79.
