Elon Musk’s New Arrival On Twitter Brings Profit To The Dogecoin

A strong relationship between Elon Musk and Doge is unbeatable. After the announcement of the new Twitter CEO, DOGE’s asset price improved by 15% to $0.1009. Elon Musk succeeded Parag Agarwal by claiming his $44 million deal to acquire Twitter ownership. It will help Dogecoin to acquire more profits in the future.

Still, a lot of questions are running through the crypto community about why Elon Musk was obsessed with memecoin. There are a lot of examples that explain how Musk supported Dogecoin in their growth market over the past few years.

He promoted Dogecoin in various ways, like with his tweets and by posting and promoting various memes about Dogecoin on social media. On February 4, 2021, a tweet by Musk created hype in the Doge market. “Dogecoin is the people’s growth”. On May 13,2022 there was another tweet that helped the entity to raise its profit value, saying, “It has potential as a currency.” He considered that Dogecoin has the capacity to utilize it in the currency market.

Besides that, Musk’s Tesla and SpaceX accepted Dogecoin for making payments. Musk’s deal with Twitter has shown a positive impact on dog-themed coins like Shiba Inu and Dogechain. According to the reports, the Shiba Inu community burned 3.6 million SHIB tokens in August. In the summer, the number of SHIB holders increased to 27,420. The company was trying to prove SHIB was not just a funny memecoin but that it would also be considered a leading crypto start-up company.

At the time of writing, the Dogecoin value had increased from $8.1 billion to $15.9 billion by surpassing the value of crypto tokens like Cardano and Solana. As per the data, Dogecoin is currently the third most traded token on the crypto platform, holding a total of 14% of the trading volume.

Recently, GEC paid SpaceX an undisclosed amount upfront to launch DOGE-1, bound for lunar orbit. Reid declined to provide photos, and by way of an update, emailed that “the satellite is beyond the design stage.”

Currently, BitPay supports the following digital currencies: Ethereum, Bitcoin, Dogecoin, Shiba Inu, Litecoin, XRP, Apecoin, USD Coin, Dai, Binnance USD, Wrapped Bitcoin, Pax, Dollar, Gemini Dollar, and Euro coin.