The crypto market was a bit relieved after last week’s slight bull rally. However, the bears were quick enough to grab the market movement and pull back the cryptocurrency prices.
But among the handful of cryptocurrencies that has still maintained the green signal is the meme king, Dogecoin.
Twitter To Accept Elon Musk’s Offer
As the news broke out that Twitter is about to accept Tesla CEO Elon Musk’s $43 billion offer, Dogecoin, the largest meme cryptocurrency by market cap, has risen by 10% from an intraday low.
It’s always observed that Dogecoin always reacts positively to any news that comes from Tesla CEO Elon Musk, who stated that he held Dogecoin tokens.
However, Elon Musk’s statement on Twitter may have given a positive impact on Dogecoin’s price, but looks like Elon Musk is interested in including Dogecoin into the platform
Earlier this month, Elon Musk acquired 9.2% stake in Twitter, and later Elon Musk had come up with an idea of introducing a monthly subscription service for the site. Hence, Musk put forth a proposal of an option to pay in DOGE for the service.
It’s just not that, Elon musk also wants to add an option for tipping twitter users in DOGE where at the moment the social media site Twitter allows users to tip Ethereum.
Also the Tesla and SpaceX CEO, has plans to make the firm private, transforming it into a global platform for freedom of speech.
At the time of reporting, Dogecoin is trading at $0.1671 with an increase of 22.29% over the last 24hrs and 16.89% in the last seven days.
The meme currency had declined to a monthly low of $0.124 in the early hours today before heading north and surging by more than 15% just after the Elon Musk and Twitter news broke out.