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The Price of Dogecoin Rose as a Result of Elon Musk’s Twitter Investment

The price of Dogecoin rose as a result of Elon Musk's Twitter investment

This week, after Elon Musk, the most well-known proponent of Dogecoin, purchased the biggest stake in Twitter, the cryptocurrency’s price has been steadily climbing. This week, the positive trend appears to have gained speed.

People are speculating that Elon Musk may propose $DOGE tips on Twitter after his acquisition of Twitter shares.

Dogecoin’s price rises

In the week to date, DOGE’s price has grown by over 6.5 percent, reaching $0.15 per token.

After breaking over the trendline on April 4, the price of DOGE has followed a similar pattern, increasing its probability of extending its uptrend. To put things in perspective, the coin is now moving towards $0.37, which is a 150% increase from the price it was trading at on April 5.

Elon Musk revealed on April 4 that he has a $3 billion investment in Twitter, reaffirming his influence on the currency market.

Tesla’s online retail shop, which accepts DOGE payments, is one of the many places where Musk has shown his support for the Dogecoin community.

Elon Musk purchased shares in Tesla

Elon Musk, CEO of Tesla, has finally purchased a share in the San Francisco-based social networking site nine days after voicing his displeasure with Twitter’s restriction of democratic concepts like free expression.

Using Friday’s closing price of $3 billion, Tesla CEO Elon Musk acquired 73,486,938 Facebook shares in an SEC filing on April 4.

Tiwtter, Inc.’s top shareholder, has a 9.2 percent interest, giving him the most powerful voice in the company’s decision-making process.

Immediately after the information was made public, Twitter’s stock price jumped 28.84 percent to $50, netting the billionaire an extra $1 billion in wealth.

The ownership of the corporation is unknown, although Musk has previously criticized the company for limiting free expression.

While tweeting to more than 80 million people over the course of a few days, starting on March 25, the outspoken CEO asked whether they thought Twitter “rigorously adhered” to the idea of free expression as important to a democratic society.

People wanted Musk to buy the company or develop his own platform, according to the survey, which has subsequently received 70.4% of the negative votes.

About Dogecoin

It was the first cryptocurrency with a dog theme to be released, and it was followed by others, such as Shiba Inu (SHIB). In addition to being based on the famous “doge” Internet meme, Dogecoin (DOGE) also has a Shiba Inu as its logo, making it a meme currency.

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