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Dogecoin Investors Cheer on Twitter-Musk News, DOGE Jumps 20%

After a few weeks of buzz, the deal is official! The world’s richest man Elon Musk has purchased social media microblogging site Twitter in a $44 billion deal. What’s got the crypto community excited is whether Elon Musk will add Dogecoin payments to Twitter anytime soon.

The tech billionaire has been a major fan of the Shiba Inu memecoin. Recently, Musk also proposed having Dogecoin payments to the Twitter Blue subscription services. Now that he owns the entire company, will he really bring this change?

Well, the DOGE price has shot up by 20% in the last 12 hours as Dogecoin makes its way into the top ten crypto-list once again. The DOGE price surged as high as 17 cents intraday as the memcoin manages to jump four ranks in a single day toppling the likes of Avalanche (AVAX), TerraUSD (UST), and Polkadot (DOT). On-chain data provider Santiment notes:

Potentially related to the news of #ElonMusk‘s nearly formalized purchase of #Twitter today, #Dogecoin has pumped +19% over the past six hours. We have historically seen that #memecoins benefit from #Musk developments.

Courtesy: Santiment

With the recent move, it seems that Dogecoin (DOGE) is covering up majorly on its 2022 losses. Speaking to Bloomberg, Teong Hng, chief executive of Hong Kong-based crypto investment firm Satori Research said:

“Elon has openly supported Dogecoin and previously talked favorably of this token. The “market is anticipating that he may incorporate Dogecoin as a payment system, hence this rally.”

Twitter-Elon Musk-Dogecoin

As we have seen, the news of Musk acquiring Twitter has seen DOGE fans getting excited. Earlier in January, Musk allowed Dogecoin payments to buy Tesla merchandise. Furthermore, the tech billionaire also believes that Dogecoin is better placed than Bitcoin for daily payments and transactions.

It is too early to claim that Musk would introduce DOGE payments to Twitter. His first goal with Twitter is to promote free speech while limiting the spread of misinformation and building trust among users. Upon his Twitter acquisition, Elon Musk said:

“I also want to make Twitter better than ever by enhancing the product with new features, making the algorithms open source to increase trust, defeating the spam bots, and authenticating all humans. Twitter has tremendous potential – I look forward to working with the company and the community of users to unlock it.”

Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.

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