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Today’s been another impressive day for crypto investors in meme token Dogecoin (DOGE-USD). These dog-inspired tokens have surged 19% over the past 24 hours in early afternoon trading, as investors price in a key piece of Dogecoin news into this token’s valuation.
What else could be driving Dogecoin higher than news tied to Elon Musk? After all, the Tesla (NASDAQ:TSLA) CEO has been behind previous parabolic rallies in this token. This token’s impressive spike today has brought Dogecoin into the green for the year.
Notably, Twitter has been the key platform Elon Musk has chosen to share his views on everything from his various businesses to his favorite cryptocurrencies. Regulators, and judges, have not necessarily smiled at some of the market-moving tweets Mr. Musk has pulled off in the past. Neither has the company. Accordingly, investors seem to be pricing in a higher level of difficulty for Twitter (not regulators) to censor Elon Musk’s tweets moving forward.
Now, regulators may still pursue Elon Musk for his apparent lack of oversight for market-moving tweets. This massive equity stake doesn’t change that paradigm. However, the potential for Elon Musk to really amp up his presence on this social media platform (hello, Dogecoin tweets) has crypto speculators excited.
Thus, simply the expectation that Musk will feel it’s open season to start tweeting up a storm is enough for Dogecoin investors right now. What that says about the speculative nature of this token is up for debate. But right now, Dogecoin is hot for a reason.
On the date of publication, Chris MacDonald did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.