Although the cryptocurrency space has faced collapses, there is always a coin that makes a comeback. The popular meme coin Dogecoin (DOGE) took off after Elon Musk’s comments. DOGE is up over 5 percent in the last 24 hours. Here are the details…
Elon Musk re-upgrades DOGE
Dogecoin (DOGE), the biggest meme coin, rose with the statements of Elon Musk. The popular cryptocurrency reacted to what Elon Musk said in a Twitter Space chat. Musk chanted “DOGE to the Moon”. As it is known, this is a slogan that indicates DOGE’s “going to the Moon”. It is used by those who believe that DOGE will eventually experience ascension.
Live footage! First thing Elon Musk says when he jumps on the spaces is “Doge To The MOOOOOOON!”
Love that guy he makes life way more fun 🙂 pic.twitter.com/49xA9Cv48z
— Matt Wallace (@MattWallace888) November 12, 2022
According to Crypto Vinco data, Dogecoin registered a $1.5 billion inflow of funds shortly after Elon Musk’s comments. DOGE’s price momentarily rose 12 percent as investors flocked to DOGE. But as we reported, the uptrend is now just over 5 percent. DOGE managed to climb from $0.079784 to $0.093494.
JUST IN: $DOGE sees $1.5 billion inflows and surges over 15% in minutes after @ElonMusk joins Twitter Space, and says "Doge to the moon" pic.twitter.com/xCS3j3cAvq
— CryptoVinco (@CryptoVinco) November 12, 2022
DOGE was already rising on Twitter news
The development doesn’t seem to surprise many, given how effective Musk has been in stimulating the price of Dogecoin. Musk’s effort pushed Dogecoin to an all-time high last year. However, since then, the coin has dropped 87 percent. On the other hand, DOGE rallied more than 100 percent last month after Musk bought Twitter.
As Cryptokoin.com reported, behind its latest rally were expectations that Elon Musk would integrate DOGE as a payment method on Twitter. Many crypto enthusiasts believe Musk will find a way to accept DOGE for some Twitter services. In fact, Cardano founder Charles Hoskinson also stated that he expects Dogecoin to integrate with Twitter.
Musk shared his comments about Sam Bankman Fried
The focus of Musk’s livestream was, in fact, the FTX crash and Sam Bankman-Fried. It seems that in March, while Musk sought to raise funds to finance his $44 billion Twitter purchase, Bankman-Fried reached out to the billionaire through intermediaries to express his interest in investing in Twitter. According to the leaked text messages, Musk’s banker on the Twitter deal, Michael Grimes, stated that the billionaire SBF offered “at least $3 billion” to help Musk buy Twitter.
He said that SBF wanted to talk about the potential for “Social media and Blockchain integration.” Musk asked Grimes, “Does Sam actually have $3 billion in liquid money?” she asked. So Musk showed that he was skeptical about the FTX CEO holding that amount of money. Under a post that shared these messages, Musk said for Sam Bankman-Fried, “He had my bullshit detector turned on.”
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