On the 28th of October, Elon Musk’s decision to acquire Twitter came to fruition, and this move was received with several opinions. This merger and acquisition deal got underway on April 14, and history was made some months later as the world's richest person officially completed the purchase of Twitter. While this merger sparked several discussions, including one about Big Tech censorship, it also dug up uncertainty regarding Dogecoin's future.
A significant number of DOGE aficionados are now seeing a substantial surge in the price of their beloved cryptocurrency. It's important to note that every time Musk promoted the DOGE/USD in a tweet, its value soared.
All through 2021, for instance, Musk kept referring to DOGE as the people's crypto, which caused the coin's value to soar by 4,000%. Another tweet that influenced the surge in DOGE’S price was when he said he had purchased some Dogecoin for his nine-month-old son.
In January 2022, Musk's Tesla, a global American auto and renewable energy corporation, started taking DOGE as payment for their wares, featuring their Giga Texas belt buckles and tiny car models. People can also use DOGE to purchase Musk's newly launched parody fragrance, Burnt Hair.
The result of the narrative surrounding Elon Musk's purchase of Twitter and the well-known meme coin DOGE may significantly impact the uptake of cryptocurrencies. However, the debate surrounding Twitter continues to put pressure on DOGE.
The price of Dogecoin is currently $0.081, and its 24-hour trading volume is $605 million. Over 7.5% more Dogecoin has grown in the last 24 hours. With a live market capitalization of $10 billion, CoinMarketCap is now ranked #9. The maximum supply of DOGE coins is unknown, but the current supply is 132,670,764,300.
How long do you think Elon Musk's tweets and opinions will influence DOGE’s demand and price? Please share your thoughts with us in the comments section.
