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Is DOGE set to spike after Elon Musk becomes largest Twitter shareholder?

Is DOGE set to spike after Elon Musk becomes largest Twitter shareholder?

Twitter (NYSE: TWTR) shares surged as high as 30% in premarket trade after Elon Musk’s recent 9.2% holding in the US social media juggernaut, prompting discussions as to whether the price of the billionaires’ favorite cryptocurrency, Dogecoin (DOGE), will climb as a result. 

Following the announcement that Tesla (NASDAQ: TSLA) CEO Elon Musk would become Twitter’s biggest shareholder, the meme currency soared as high as 8.36% on the day, trading at $0.153, and 2.89% in the previous week, according to CoinMarketCap statistics.

Doge 1-day price char. Source: CoinMarketCap

Indeed, Dogecoin’s price jumped from $0.1431 to as high as $0.155, adding more than $1.5 billion to its market cap in less than one hour.

Musk’s support for DOGE

Elon Musk has expressed his admiration for the original meme coin on several occasions, in everything from odd endorsements to integrating DOGE into payments for Tesla’ merch.’

Following his investment in Twitter, many have begun to speculate whether he would make Dogecoin-centric developments on the platform.

Journalist and crypto advocate Tim Pool stated

“What if Elon Musk takes over Twitter then demands that advertisers buy ads in Doge.”

Previously, Musk had taken to the platform to poll his 80 million followers to see whether they believed Twitter “rigorously adheres” to the principle that “free speech is essential to a functioning democracy” on March 25. 

Additionally, Musk added that any new social network he would be involved in would contain a digital tip jar that would support the meme-inspired cryptocurrency Dogecoin.

Twitter tipping jar

It’s worth mentioning that the cryptocurrency community was excited when Twitter first activated the tipping jar feature, with Ethereum (ETH) the latest to joined Bitcoin (BTC) on the list. 

Since then, the Dogecoin community has responded by flooding Twitter with petitions and hashtags pleading for DOGE to be included on the list. 

Co-founder Billy Markus of Dogecoin also joined the bandwagon, with more than 8,000 people having signed a petition titled “Add Dogecoin Wallet Support to Tipping Feature on Twitter.”

Doge tipping feature petition. Source: Change.org

If anything, the latest news would be welcome publicity for Dogecoin supporters who are hoping that the upward trend will continue.

Notably, crypto trading specialist Ali Martinez had stated that Dogecoin might advance towards $0.21 ‘without hesitation,’ even before the latest news regarding Musk had an effect on its price.

Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.

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