Dogecoin Rallies By 33% After Elon Musk’s Twitter Takeover

On 25th April, Dogecoin registered a spike of 33% after news broke of Twitter accepting Elon Musk’s $44 billion buyout offer to make the social platform private. Musk has been a major driving force for the meme-based cryptocurrency, often causing a ripple effect in the token’s price with just a single tweet,

The latest development made Doge’s price shoot up to $0.1673 on 25th April, up 26%, to extend its gain after rallying 7% earlier in the day.

Following the groundbreaking takeover, there have been widespread online speculations that a plan to integrate dogecoin into the platform is imminent.

Earlier this month, Musk, in a series of tweets announced buying a 9.2% stake in Twitter and proposed changes to the platform’s subscription service Twitter Blue, saying it could possibly be adding Doge as a payment option for the service.

After rejecting a Twitter board seat, Musk put forward his intention to buy the platform on April 14. Before Musk secured funding, the board was expected to reject his proposal and launched a poison pill defense on April 15, a move that is designed to prevent hostile takeovers. 

Dogecoin is now the 10th largest cryptocurrency by market cap

The meme cryptocurrency was originally created as a joke in 2013, but it has emerged as the 10th-biggest cryptocurrency by market capitalization, according to CoinMarketCap. Following Musk’s acquisition, Crypto Twitter was rife with memes and parodies.

One of them termed it “A Big win for free speech and for Doge”. Some users went into creative mode by drawing caricatures of the meme coin’s dog mascot superimposed with that of Twitter’s bird logo. Others proclaimed it as “one step closer to the global adoption of Dogecoin as the currency of earth”

Even the co-founder of the social media platform, Jack Dorsey endorsed Elon Musk’s Twitter purchase quoting, “This Is the Right Path and the “closest thing we have to a global consciousness.”

Musk has been a huge proponent of Dogecoin, going so far as to call himself the “Dogefather” in a tweet last April. When he tweeted last December that Tesla would be accepting Dogecoin as payment for branded merchandise, its price increased 33% from about 16 cents to 21 cents, according to CoinGecko.

Lipika Deka: Lipika is a crypto-journalist at TWJ. A graduate in economics and finance, she has a keen interest in the political and socio-economic facets of blockchain technology and the cryptocurrency industry.