Dogecoin Value Soars To Nearly Two Month High After Elon Musk Buys Stocks On Twitter

Dogecoin’s value has seen a massive boost, taking it to a nearly two-month high after Elon Musk bought a 9.2% stake in Twitter, worth about $2.8 billion (approximately $2.8 billion). Rs 21,085). Based on filings with the US SEC since mid-March, the acquisition makes Elon Musk the largest individual shareholder of Twitter. Over the past two weeks, before the SEC filings became public, Musk asked his 80 million Twitter followers via a poll if they thought Twitter supported free speech, and 70% responded. “are not”.

While Twitter has seen a spike in share price after news of Musk’s common stock purchase broke, in the crypto world, the price of Dogecoin, one of Musk’s favorite cryptocurrencies, seems to benefit from the news of Musk’s new Twitter stake. In the last 24 hours, Dogecoin has gained almost 5% and is currently at $0.158 (about Rs 12) on Indian exchange CoinSwitch. Meanwhile, on CoinMarketCap, the value of Dogecoin has increased by 4.9% in the past 24 hours.

“Freedom of speech is essential to a working democracy,” Musk tweeted on March 25, as part of a poll he presented to his 80 million followers. “Do you believe that Twitter strictly adheres to this principle?”

He added that “the consequences of this poll will be very important. Please vote carefully”. A day later, Musk hinted that he might be looking to start a new social media platform.

This may be the first time Dogecoin has rallied based on Musk The move is not directly related to Dogecoin. However, Musk has blasted Dogecoin several times, saying that the meme was inspired by electronic money most suitable for transactions and that is “Everybody’s Cryptocurrency”.

The Tesla CEO’s purchase of a stake in Twitter comes as the social media platform is exploring the possibilities of decentralization.

In November of last year, Twitter announced a dedicated crypto team whose main responsibility is to explore the possibilities in decentralized applications (dApps) space. Twitter Crypto is led by Tess Rinearson, who Twitter said at the time was tasked with setting “strategy for the future of crypto at (and on) Twitter.”

Cryptocurrency is an unregulated digital currency that is not a legal tender and is subject to market risk. The information provided in the article is not intended and does not constitute financial advice, trading advice or any other advice or recommendation of any kind provided or endorsed by NDTV. NDTV will not be liable for any loss arising from any investment based on any recommendations, forecasts or any other information contained in the article.

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