Dogecoin stock (DOGE-USD), the meme-based cryptocurrency that exploded in popularity early last year, went up today after Elon Musk finalized his purchase of Twitter (TWTR 0.66%) last night.
Musk has long been a supporter of Dogecoin and has often tweeted about it on social media sites, which has resulted in pops in Doge at different periods. Dogecoin’s price was up 9.9% in the previous 24 hours as of 11:52 a.m. ET.
Dogecoin Stock: What’s the Deal?
Musk made no comments on DOGE this morning or last night, but investors in the cryptocurrency, which was founded as a joke, seem to believe Musk’s ownership of the platform would be beneficial to the coin. This morning, Dogecoin was trending on Twitter, with a lot of supporters sharing memes of the currency and Musk on the social networking site.
As of July, Tesla, Musk’s other firm, still had Dogecoin, and Musk said at the time that the corporation had not sold any of its Dogecoin. According to Tesla’s website, the only cryptocurrency it takes is Dogecoin.
Doge reached a high of $0.74 in May thanks to Musk’s support, but it has since dropped by over 90% as the crypto bubble burst.
So, what now?
Now that Musk controls Twitter, there’s a chance he’ll make the network friendlier to cryptocurrencies, namely Doge. On Monday, tech writer Jane Manchun Wong tweeted that the business was working on a digital wallet that would handle cryptocurrency deposits and withdrawals.
It didn’t take much to send Doge flying last year, but it may be difficult to capture lightning in a bottle again since crypto excitement has diminished. Nonetheless, a few tweets from Musk in favor of Dogecoin would surely give it a boost.
Featured Image- Unsplash @ Kanchanara