Dogecoin Rallies Other Cryptocurrencies to Soar Above 30% Amid Elon Musk’s Twitter Acquisition
- The news of Twitter buy over by Elon Musk has driven the price of Dogecoin to surge above 30 per cent
- The cryptocurrency is believed to be Musk's favourite has been teased by him as means of payment on Twitter
- Currently, Dogecoin is accepted by Tesla as the means of payment and has driven the market cap of the entire ecosystem to over $35.7 billion
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One of Elon Musk’s best cryptocurrencies, Dogecoin has rebounded following the news that the world’s richest man has bought the microblogging site, Twitter for a whopping $44 billion on Monday, April 25, 2022.
Doge maintained a bullish run since the news of the Twitter acquisition emerged. The crypto is currently trading at over 30 per cent in the last 24 hours, leading to a general recovery of the broader cryptocurrency ecosystem, according to Nairametrics.
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The market capitalisation of the crypto market now stands at 5.77 per cent and is predicted by analysts to surge higher.
Data from Google trends indicate that not just the price of Dogecoin, but the rest of the cryptos as searches for Doge has exponentially exploded in the last 24 hours, the same timeline Elon Musk’s acquisition of Twitter was announced.
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What Musk intends to do with Twitter
Musk had said after the acquisition of the site that free speech is the foundation of a functioning democracy, stating that Twitter is the digital town square where issues of importance to the future of humanity are discussed.
The world’s richest person said he wants to make Twitter better than before by enhancing the product with new features and tweaking the algorithms open-source to boost trust and defeat spambots and verify all humans.
Twitter will be delisted from the New York Stock Exchange and taken private once the deal is completed.
Dogecoin drags other cryptos towards higher trajectory
Coindsek reports that other Meme coins like SHIB, ELON, SAMO, MONA and HOGE have seen a 10 per cent and more jump in their market prices. This has brought the total capitalization of the whole cryptocurrency system to stand at $35.7 billion, up by 20 per cent.
Analysts say the reason Dogecoin is making such a huge rally is that Elon Musk had hinted that it will be a means of payment on Twitter. He mentioned Dogecoin as one of the payment options for Twitter Blue, the subscription side of Twitter with special features.
The crypto made it to the top 10 market cap for the first time in 2022.
Twitter shares ended the first trading session at 5.66 per cent and currently trade at $51.70 per share following the news of Musk’s buy over.
Already, Tesla, owned by Elon Musk, accepts Dogecoin as a means of payment on its virtual merchandise stores.
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Source: Legit.ng
