DogeCoin surges after Elon Musk owns Twitter

Before the acquisition of “Blue Bird”, the CEO of Tesla and SpaceX is the second largest shareholder in this company with 9.2% ownership.

In the early morning session in Asia, DOGE hit $0.14. Twitter-related futures transactions in Frankfurt also increased by 6.48%.

While there is no direct correlation between the DOGE price and Musk’s takeover of one of the world’s largest social media platforms, the South African billionaire’s frequent use of memes about the “dog coin” has attracted the attention of speculators, as crypto investors expected DogeCoin to become part of Twitter’s long-term plans.

“There are rumors that advertisers can pay with DOGE and other uses on Twitter,” said Tomer Nuni, Kryptomon Marketing Manager. “We saw the same thing happen when Tesla revealed the ability to pay for goods with DOGE. Therefore, speculation could revolve around Musk’s companies and shareholders starting to accept cryptocurrencies, similar to Tesla.”

Earlier this month, in a Twitter post, Musk suggested making DogeCoin one of the payment options for Twitter Blue, a subscription service with premium features.

Meanwhile, Tesla is already accepting DOGE payments on its online store. Musk previously supported the development and adoption of DogeCoin, when he announced he was working with DOGE developers to improve system efficiency in May 2021.