After Elon Musk’s move, the meme coin cryptocurrency saw a pretty good upswing and far outperformed other top assets like bitcoin, ethereum, etc.
It won’t be an exaggeration for someone to say that “Elon Musk is one of the biggest financial influencers” of this era. After all, this could be seen as the man who tweets his thoughts and opinions on any company, asset, or cryptocurrency. It starts to show results in the reaction. Consider, for example, the announcement by the CEO of Tesla and SpaceX when he said his electric car maker and clean energy company Tesla would accept payments in Bitcoin. The aftermath of the announcement sent the flagship cryptocurrency flying across the sky, reaching heights it had not previously seen.
A similar incident happened with popular meme currency Dogecoin, when a multi-billionaire entrepreneur switched payment methods from Bitcoin (BTC) to DOGE. Since then, Elon Musk has been everywhere with his obsession with Dogecoin, whether tweeting about the crypto asset or announcing an initiative related to it. If Musk does anything today, it will be reflected in Dogecoin prices.
A whole new case occurred when Elon Musk bought social media giant Twitter, making a bold move in the process. Although the matter is not even directly related to Dogecoin as it is related to Musk and his activities, the memecoin reacted positively and surged significantly. After the news was published, the DOGE price actually surged up for a while, up to 25% in one day.
So it is clearly stated that Dogecoin is riding the waves created by Elon Musk. At this point, many DOGE owners would want to thank Tesla’s CEO for his ambitious ambitions to buy Twitter, and eventually he did. Despite being a meme currency, an asset that started out as a joke based primarily on an internet joke rather than a proper blockchain project, the crypto-asset has traveled from its inception to place itself among the top -Ten cryptocurrencies placed.
What could happen from there is speculation and expectations that could lead Dogecoin to take action. Accepting crypto assets to buy Tesla goods increased the price; the same could happen to fulfill transaction purposes with DOGE. As Twitter unveiled a tipping feature that allowed users to send Bitcoins (BTC) to creators, this could be replaced with Dogecoin (DOGE), prompting a positive memecoin reaction.
An analyst at GlobalBlock, Marcu Sotiriou, said that news of the Twitter deal prompted speculators to buy Dogecoin to seek Musk’s obsession with it. Therefore, there are opportunities for Dogecoin to show its greater potential and provide more utility on social media giant platforms if Elong Musk’s move is successful.
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