Dogecoin tokens rose 10% on Monday. Tesla CEO Elon Musk has revealed that he owns a 9.2% stake in social media company Twitter, valued at approximately $2.88 billion. According to the data, DOGE jumped from $0.143 to $0.156, precisely a few minutes after Musk’s announcement. Shiba Inu increased by 5% in parallel with the move to DOGE. Musk owns more than 73.5 million shares of Twitter.
Elon is one of the most prominent supporters of cryptocurrency. His electric car company Tesla reportedly traded more than $2 billion worth of bitcoins by the end of 2021. Tesla has additionally started accepting Bitcoin for its cars in 2021. However, he later completed the project, citing climate problems. Tesla also accepts DOGE payments at an online merchandise store. The news had previously sent DOGE prices up 11% in January.
According to the founder of Quantum Economics, cryptocurrencies are not companies. There is no income sheet or anything like that here. It’s network power. And when there is agitation, the network suddenly gets stronger because there is more attention. This primarily increases the demand, which adds to the price. There is also an indirect connection that can be established. If Elon Musk is somehow driving the car about communications, he will use any opportunity, and DOGE will move forward.
Elon Musk and Twitter
Although there is no direct link between Elon Musk and the Twitter deal with DOGE memecoin, The increase testifies to a close-knit relationship. Dogecoin will gain a lot shorter if Musk uses Twitter to further popularize the coin, as it did, albeit this time, without the terrible fear of restriction. If the buying momentum persists, Dogecoin could shortly break the $0.2 resistance.
Musk has previously supported the development and adoption of Dogecoin. Last May, he wrote on Twitter that he worked with dogecoin developers to improve system efficiency. This increased the price of Dogecoin by 22%. Then in June, Elon tweeted that it was essential to support a proposal to cut Dogecoin taxes; This would make the currency even more competitive than other cryptocurrencies.
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