Dogecoin Adds 44% Following Elon Musk’s Takeover of Twitter
And More ı By Rochdi Rais
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Shiba Inu inspired cryptocurrency dogecoin has skyrocketed as much as 44% since Monday as the Elon Musk-Twitter era neared its beginning.
The cryptocurrency has been promoted in the past by Musk, who claimed the title of the “Dogefather” before. Musk completed his bid for the social media company and officially took over as chief executive late Thursday, with his Twitter handle now labeling the Tesla CEO as "chief twit."
However, dogecoin's connection to Musk's unpredictable comments have brought down the token lower as well, as the meme cryptocurrency experienced a sharp selloff in June when Musk first attempted to abandon of the Twitter deal.
Dogecoin's recent gains can also be linked to speculation that Musk may develop a crypto wallet on Twitter that would accept deposits and support withdrawals. Musk has also previously said that Twitter could possibly accept dogecoin itself for payments, and his other ventures Tesla and SpaceX already allow the token to be used for some transactions. Twitter nor Musk have not yet confirmed the crypto wallet project.
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