Dogecoin Rallies Other Cryptocurrencies to Soar Above 30% Amid Elon Musk’s Twitter Acquisition


  • The news of Twitter buy over by Elon Musk has driven the price of Dogecoin to surge above 30 per cent
  • The cryptocurrency is believed to be Musk’s favourite has been teased by him as means of payment on Twitter
  • Currently, Dogecoin is accepted by Tesla as the means of payment and has driven the market cap of the entire ecosystem to over $35.7 billion

One of Elon Musk’s best cryptocurrencies, Dogecoin has rebounded following the news that the world’s richest man has bought the microblogging site, Twitter for a whopping $44 billion on Monday, April 25, 2022.

Doge maintained a bullish run since the news of the Twitter acquisition emerged. The crypto is currently trading at over 30 per cent in the last 24 hours, leading to a general recovery of the broader cryptocurrency ecosystem, according to Nairametrics.

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Trevor Noah breaks down what Elon Musk’s Twitter takeover means, peeps share mixed reactions to his views

Elon Musk, Twitter, Dogecoin, Crypto
Dogecoin makes a huge comeback after Elon Musk buys Twitter
Credit: SOPA Images / Contributor
Source: Getty Images

The market capitalisation of the crypto market now stands at 5.77 per cent and is predicted by analysts to surge higher.

Data from Google trends indicate that not just the price of Dogecoin, but the rest of the cryptos as searches for Doge has exponentially exploded in the last 24 hours, the same timeline Elon Musk’s acquisition of Twitter was announced.

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What Musk intends to do with Twitter

Musk had said after the acquisition of the site that free speech is the foundation of a functioning democracy, stating that Twitter is the digital town square where issues of importance to the future of humanity are discussed.

The world’s richest person said he wants to make Twitter better than before by enhancing the product with new features and tweaking the algorithms open-source to boost trust and defeat spambots and verify all humans.

Read also

Twitter’s founder, Jack Dorsey, pockets over N400bn from Elon Musk’s acquisition but says he has regrets

Twitter will be delisted from the New York Stock Exchange and taken private once the deal is completed.

Dogecoin drags other cryptos towards higher trajectory

Coindsek reports that other Meme coins like SHIB, ELON, SAMO, MONA and HOGE have seen a 10 per cent and more jump in their market prices. This has brought the total capitalization of the whole cryptocurrency system to stand at $35.7 billion, up by 20 per cent.

Analysts say the reason Dogecoin is making such a huge rally is that Elon Musk had hinted that it will be a means of payment on Twitter. He mentioned Dogecoin as one of the payment options for Twitter Blue, the subscription side of Twitter with special features.

The crypto made it to the top 10 market cap for the first time in 2022.

Twitter shares ended the first trading session at 5.66 per cent and currently trade at $51.70 per share following the news of Musk’s buy over.

Read also

Former Twitter CEO Jack Dorsey breaks silence after Elon Musk buys the company: “Take your billions and go”

Already, Tesla, owned by Elon Musk, accepts Dogecoin as a means of payment on its virtual merchandise stores.

The income from my side hustle exceeded the one from my paid employment, woman narrates

Meanwhile, Legit.ng has reported that in 2014, Sharon Tseung took a month-long solo trip to Europe which was inspired by her own version of financial freedom.

She spoke with all kinds of people from every background who were also passionate and it made her realise what she was missing.

Tseung said she started researching about digital nomads and how to make passive income. By May 2016, having saved enough money to take care of her travel all over Europe, Asia, the US and Canada, she quit her digital marketing job and began to build her own passive income.

Source: Legit.ng



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