- Is Centi-billionaire behind raising prices of Dogecoin?
- Dogecoin prices doubled in five days.
Elon Musk finalized the deal of Twitter on 27 October 2022, and on 28 October 2022 morning, Musk posted a Tweet quoting, “The bird is freed.”
Tweet of Musk created hype in the crypto market, and one of his favourite crypto assets, dogecoin, started uptrending according to reliable data on 27 October 2022 memecoin is trading at $0.07. Five days after Musk’s deal, the prices of the coin just doubled. On 1 October, it traded at $0.1572.
Different names like “babyDogeTwitter,” “dongenaltrump,” “spaceTwitterDoge,” and “elonDogeTwit,” were popular on both the blockchains after Musk posted an picture of Shiba Inu dog on Twitter wearing a T-Shirt(on which symbol of Twitter is printed) and is posing in front of classic Halloween pumpkin.
Matthew Dibb, Chief Operating Officer of Stack Funds(crypto investment manager), noted while talking to a news outlet, “Trading dogecoin around Elon tweets has become a lucrative form of speculation.”
Dibb further quoted, “There’s a lot of speculation that Twitter will provide a test bed for doge adoption and experimentation for different uses.”
Although it could not be said clearly with conviction, given Elon Musk’s actions and outspokenness about dogecoin, many believe the centi-billionaire might hold the memecoin.
Some crypto analysts believe that Musk personally owns a massive amount of dogecoin, but it is not clear whether any of his company owns dogecoin.
When dogecoin was established, crypto believers and other industry experts called it a “Joke.” An unprecedented doge trading price hike made crypto evangelists believe that doge is not a joke.
It is noted that investors and crypto campaigners believe that following the Twitter deal, there is a possibility that Musk may link Dogecoin as a payment mode on Twitter.
According to data from CoinMarketCap, while writing this article, Doge is trading at $0.1026 with 24-hour trading of $1,912,874,350.
Popular Companies That Accept Dogecoin Payments
- Twitch:- A globally popular company for live streaming services started accepting dogecoin payments long back in 2014 when cryptocurrencies were not popular.
- Tesla:- Centi-billionaire Elon Musk owns the company, and it seems that the company and its creator have a year old relation with memecoin. Tesla Started accepting Dogecoin payments on 14 January 2022.
- AMC Theaters:- In the first quarter of 2022, American Multi-Cinema Inc announced that it had started accepting Dogecoin payments using BitPay.
- Bitrefill:- A one-stop store that offers a wide variety of gift cards, including travel, clothing, gaming, and many more gift cards can be purchased by Dogecoin payments.
- airBaltic:- An popular airline company, airBaltic, started accepting dogecoin payments to make travelling easier.
Nancy J. Allen is a crypto enthusiast and believes that cryptocurrencies inspire people to be their own banks and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning.
Source: https://www.thecoinrepublic.com/2022/11/08/did-elon-musk-tweet-freed-the-bird-raise-doge-prices/