Wednesday, July 17, 2024
Evina 110o x 220

Elon Musk’s Investment in Twitter Leads to a Substantial Rise in Dogecoin

The financial market is flooded with the recent news of Elon Musk’s growing interest in Twitter, or to be precise, his strategy to uplift cryptos through his tweets found a solid name through his investment in the brand itself. His action arrived on time to give a kick to the financial reversal of cryptocurrencies, especially Dogecoin. April 4, 2022, witnessed Elon Musk, the CEO of Tesla and an adherent of Dogecoin, scooping out 73,486,938 shares of Twitter, a social media giant and an established name in the world today, at a deal value of $2.89 billion. This move of his investment in the company pushed him to a massive stakeholder position, owning a 9.2% stake. This situation catapulted him to the peak of the stakeholder’s leaderboard, also overpowering the co-founder of Twitter, Jack Dorsey.

With his investment parallels, Elon Musk has also joined the team of Twitter’s Board of directors. Recent reports show Musk not only an ardent promoter of cryptocurrencies but also a reflector of his opinions and views on a platform like Twitter. His posts have helped the cryptocurrencies be flung rapidly, and some of these, like Dogecoin, have seen high rises in huge margins. Research shows Musk’s investment has had a ripple effect on crypto-like Dogecoin, apparently a meme coin always backed by him. However, Dogecoin has been a falling currency on the price charts since almost May 2021.

Meanwhile, Musk invested in Twitter and started posting about cryptos, and it gave doge a massive push to gain that trend reversal and cope with the traversing changes in the financial market. It almost unlocked the potential for a usual meme coin to dust back to its price value of $0.37, as observed in June 2021. The price can be approximated 130% over the recent $0.163. It is quite surprising to watch a falling wedge hit back trend reversal and break the upper trending line, which probably bridges the gap between the descent and initials. The witty investment and participative tweets of Musk have not only shifted the trends, but have also raised popularity among youth investors to buy Dogecoin and believe in cryptos for any respective work or leisure in their regular lifestyle.

The Tesla CEO announced lately that the electric car company would accept payouts in Dogecoin crypto for its merchandise and at charging stations. All his love for cryptocurrencies is mere speculation, and Musk has cleared all his way aggressively towards the generation of Dogecoin as an approachable monetary transaction. He is one of the largest stakeholders on Twitter. Dogecoin’s price has already begun trading in tandem with Twitter’s stock. Musk, along with other chief executives, has weighed in relevance on how Dogecoin could help assist an almost decentralized Twitter.

A layperson can make out the hefty fall experienced by Dogecoin, and the price has vehemently lost 80% in the last year. The meme coin insanity has also forced the price to around 75 cents last year. Luckily, the price has been rallying over the last month, outperforming other cryptocurrencies like Ethereum, bitcoin, etc. It has also been noticed that Musk has shown some potential interest in investing in Twitter and buying it. He revealed that he offered to purchase the company for $54.20 per share. The total value then stands at $43 billion. The thoughtful tweets from the very popular CEO of the electric car industry have roiled up the battling spirit of the crypto market and the entire financial operations, and Musk has started claiming the Dogecoin as an ultimate hustle continuing with a series of criticizing other crypto mining, possibly responsible for bringing down the bitcoin value by 15%.

Dogecoin, which crippled its way somewhere around a year earlier, has turned the tables around, becoming the fourth-largest crypto in the world with a market cap of approximately $67 billion. Musk has left the market to feel the zeal with the newly established currency. He has predominantly been an active supporter of the crypto Dogecoin and its entire community, as reflected in his business changes, including his interest and revised decision to accept DOGE payments within and for his company Tesla’s e-shopping or merchandise store. His acts have somewhat pushed the crypto forward amid its declining phase.

Subscribe to our newsletter

To be updated with all the latest news, offers and special announcements.

Evina 900x750