Home Cryptocurrency Doge Can Keep Surging After Elon Musk Twitter Takeover. Blunt Could Be...

Doge Can Keep Surging After Elon Musk Twitter Takeover. Blunt Could Be Next

Dogecoin increased by more than 100 percent on Saturday, continuing this week’s advances following Elon Musk’s $44 billion acquisition of Twitter last week.

The CEO of Tesla Inc., a fervent supporter of , significantly impacts dogecoin and bitcoin values.

Binance, the cryptocurrency exchange, which contributed $500 million to Musk’s acquisition of Twitter, claimed to be formulating ideas for how blockchain technology and cryptos may benefit Twitter.

To this day, Dogecoin remains the 10th biggest cryptocurrency by market cap — seeing off competition from Polygon, Polkadot, and Shiba Inu.

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Dogecoin Revived Since Elon Musk Purchased Twitter

The meme-inspired crypto token has soared more than 100% from the price of about 7 cents to 14 cents following Musk’s Twitter takeover. It surged more than 8% after Musk tweeted an image of a Shiba Inu dog wearing a Twitter T-shirt, adding a winking-face emoji.

After accounting for the recent surge, Dogecoin’s fully diluted market value is now more than $18 billion, according to data from CoinMarketCap, making it the eighth most valuable cryptocurrency.

Musk has been a long time admirer of Dogecoin, having cheered its rise amid the crypto boom in 2020 and 2021 and joked about it during his guest SNL appearance.

He also adopted the meme-inspired token as a form of payment in Tesla’s merchandise stores. There has also been speculation that Musk could use Dogecoin to add support for micro-transactions on Twitter.

The recent rise in Dogecoin price comes as the broader cryptocurrency market continues to suffer through a persistent bear market, with crypto big shots such as Bitcoin and Ether still off more than 70% from their record highs. Likewise, despite the recent jump, Dogecoin is still down 78% from its record all time high.

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