The latest news that SpaceX billionaire and CEO Elon Musk has bought Twitter shares has caused a double-digit rise in an altcoin project.
Altcoin whales increase price 10%
The price of Dogecoin rose 10% on the news that Elon Musk has bought a large portion of Twitter shares, reaching a two-month high of $ 0.157. This momentum comes after a sustained decline from the $0.167 peak in early February. It has become social media’s largest shareholder, acquiring up to 9.2% of Elon Musk’s $2.89 billion worth of Twitter shares on the NYSE at the price of Twitter (TWTR), according to an SEC report filed Monday. It’s four times larger than even the 2.25% stake of the company’s founder, Jack Dorsey.
It’s not surprising that the Tesla CEO’s interest in Twitter has impacted the price of Dogecoin; Elon Musk has been one of the biggest pioneers of memecoin even though he is not directly or indirectly related to Jackson Palmer and Billy Marcus. As Elon Musk’s position on Twitter grew, it occurred to everyone that DOGE could be used for payments alongside BTC and ETH. Musk has been giving Dogecoin free PR on Twitter and other platforms for years, and this has triggered a price spike several times. In an interview with Time Magazine in December last year, he stated that he believes Dogecoin is better for transactions than Bitcoin.
Elon Musk will be on the Twitter board
At the same time, Musk announced that electric vehicle manufacturing company Tesla will accept DOGE in payments. Dogecoin price rose more than 19% on this date. His interest in Dogecoin became even more pronounced when he confronted Binance CEO Changpeng “CZ” Zhao on Twitter following reports of DOGE issues with the exchange. Musk also noted that he owns some Dogecoin among other cryptocurrencies.
Although the reason for his fascination with Dogecoin is not clear, Elon Musk has made comments about other cryptocurrencies that also affect the market to some extent. In July last year, the price of BTC rose 8% to over $32,000 after Musk announced that he owns some of the leading cryptocurrency. Now, the possibility of Musk, the largest shareholder of Twitter, integrating Doge into the platform causes double-digit fluctuations in the altcoin price. As reported by Kriptokoin.com, DOGE gained 5% more today, in addition to its double-digit increase on Monday.
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