This article was originally published on Fool.com. All figures quoted in US dollars unless otherwise stated.
This article was originally published on Fool.com. All figures quoted in US dollars unless otherwise stated.
What happened
The price of the meme-inspired cryptocurrency Dogecoin (CRYPTO: DOGE) traded more than 9% higher over the last 24 hours as of 11:04 a.m. ET on Tuesday, after news came out showing that Tesla founder and Dogecoin bull Elon Musk has taken a big stake in Twitter.
So what
Yesterday, filings from the Securities and Exchange Commission (SEC) disclosed that Musk had taken a 9.2% stake in Twitter. Today, filings showed that Musk would join Twitter’s board of directors.
Musk has been a longtime supporter of Dogecoin and is one of the main influencers who really brought the token to popularity at the beginning of 2021. He would often tweet about how he liked Dogecoin and thought it had potential, so perhaps the market sees some kind of correlation.
Yesterday, transactions of at least $100,000 into Dogecoin jumped 110%, according to crypto analytics website IntoTheBlock.
Yashu Gola, a financial analyst for the website CoinTelegraph, wrote earlier today that Musk could potentially accelerate crypto initiatives on Twitter and perhaps lead to some kind of integration of Dogecoin on the platform. Gola also wrote that based on chart trends, a 150% rally for Dogecoin is a possibility.
Now what
I don’t personally view Dogecoin as a worthy investment, and it’s still unclear if Musk can really drive crypto initiatives at Twitter. But considering that he has been one of the main reasons behind the token’s rise to popularity, I can see why the market views this as good news for Dogecoin.
This article was originally published on Fool.com. All figures quoted in US dollars unless otherwise stated.
The post Why the price of Dogecoin is rising today appeared first on The Motley Fool Australia.
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More reading
- Why Ethereum and Dogecoin are dropping today
- Why Dogecoin was rising on Saturday
- Why Ethereum, Solana, and Dogecoin are surging higher today
- What’s driving Ethereum, Dogecoin, and THORChain higher today?
- Shiba Inu vs. Dogecoin: Which pupcoin’s more bite than bark?
Bram Berkowitz has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns and has recommended Tesla and Twitter. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.
This article was originally published on Fool.com. All figures quoted in US dollars unless otherwise stated.
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