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The protector of Dogecoin, Elon Musk, has become the new CEO of Twitter. Musk’s superior position has aided the DOGE in increasing its growth rate. In the last 24 hours, Dogecoin has risen to the top of the global digital currency rankings.
DOGE reached its value of up to $27 million (USD) within one day after the announcement by Musk. The most popular cryptocurrencies, Bitcoin and Ether, are trading at $12 million (USD) and $14 million (USD), respectively, which are currently lower than Dogecoin.
He promoted Dogecoin in various ways, like with his tweets and by posting and promoting various memes about Dogecoin on social media like Twitter. On February 4, 2021, a tweet by Elon Musk created a huge impact on the Doge market i.e “Dogecoin is the people’s growth.”
On May 13,2022 there was another tweet that helped the community to raise its profit value by saying, “It has potential as a currency.” He considered that Dogecoin has the capacity to utilize it in the currency market.
The announcement created an immediate response in Dogecoin that jumped its price value from 7 cents to 15 cents. The Dogecoin blockchain transactions increased from 25,000 to 37,000 on Monday morning.
At the time of writing, the reports showed that the Dogecoin value had increased from $8.1 billion to $15.9 billion by surpassing the value of crypto tokens like Cardano and Solana. Currently, Dogecoin is considered as the third most traded token on the crypto platform, holding a total of 14% of the trading volume.
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. 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.
Nancy J. Allen is a crypto enthusiast, with a major in macroeconomics and minor in business statistics. She 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. She frequently researches, and posts content on the top altcoins, their theoretical working principles and technical price predictions.
