The acquisition of Twitter by Elon Musk has led to a spike in the price of Dogecoin. Since the deal was announced, the cryptocurrency has gained 14% and is currently trading at around 8 cents.
The cryptocurrency was created by Billy Markus and Jackson Palmer in 2013 as a way to make fun of cryptocurrencies. During the 2021 meme-stock frenzy, it hit an all-time high of 73 cents. This was a significant increase from previous prices.
Since May 2022, the price of Dogecoin has been below 9 cents. However, the actions and words of Elon Musk have typically triggered price surges. Despite its origins, Musk has frequently touted Dogecoin as a payment source. In January, he said Tesla would start accepting cryptocurrency for its merchandise. This led to a 14% spike in the price of Dogecoin.
In April, Musk suggested that Twitter’s subscription service, Twitter Blue, should also accept Dogecoin. SpaceX CEO Elon Musk noted that his company would be accepting Dogecoin for its merchandise.
The price of Dogecoin initially dropped following Musk’s announcement about the proposed acquisition of Twitter. However, after Reuters reported that the social media company was preparing to accept the deal, the cryptocurrency’s value increased by 14%.
Despite Musk’s positive statements about Dogecoin on Twitter and other social media platforms, his actions and statements have attracted scrutiny. In June, a man who lost money due to Musk’s promotion of cryptocurrency sued the entrepreneur and his companies for $258 billion. The case has not been finalized.
Although Musk often interacts with Billy Markus on Twitter, Palmer, the other co-creator of Dogecoin, called him a grifter who is incapable of knowing what he’s talking about. He referred to him as a “faggot” who is skilled at pretending he has a vision. Despite Palmer’s negative comments, Musk’s support for Dogecoin has not diminished. In June, he said he would not sell his entire portfolio of cryptocurrency.
Dil Bole Oberoi
