Dogecoin price explodes after Musk buys Twitter
Dogecoin Records Huge Price Explosion After Twitter Purchase By Elon Musk The cryptocurrency is the billionaire’s declared favorite project and should benefit greatly from the acquisition. Just after the takeover became known, the Cardano founder announced new plans. He wants to connect DOGE to ADA.
Elon Musk completes Twitter purchase
In April, Elon Musk publicly announced for the first time that he wanted to acquire the short message service Twitter. He wants to offer more freedom to public discourse. According to Musk, Twitter has so far been subject to excessive censorship. In addition, bots are annoying.
Ultimately, the bots also served as an argument for the billionaire to cancel the takeover offered in July . A US court ruled: A decision must have been made by October 28.
On October 27, the entrepreneur actually buys Twitter. He is investing a total of 44 billion US dollars for it. The former public company is now completely in private hands.
Musk plans to transform the service. In order to be able to implement this, he has already fired several people from their previous management positions. But part of the change should also be to integrate his favorite cryptocurrency Dogecoin .
Dogecoin: Price explodes by up to 120 percent
In the days following Musk’s takeover of Twitter, Dogecoin price has skyrocketed. Today it reaches a peak value of up to +120 percent in the weekly trend.
In fact, the cryptocurrency was already gaining strength in April , when headlines about a possible acquisition made the rounds for the first time. At that time, DOGE rose to over 16 cents. Then the bear market manifested itself .
Despite the strong growth, DOGE is now at a comparatively low 11 cents. The growth is now slowing down. First investors are realizing profits and reducing the price growth to +90 percent at the time of writing. In June, CoinPro also answers the question of why Musk is sticking with the memecoin in the first place .
Many users may now ask the question: Why is Dogecoin growing so much today and in the past few days? In fact, it’s because of the Twitter takeover. The service reaches around 450 million monthly.
If Musk implements his plans and integrates DOGE on Twitter, many millions of people will become aware of the cryptocurrency for the first time and could lead to a sharp increase in demand.
But how does the Tesla CEO want to integrate the coin at all? On the one hand, it should be possible to purchase Twitter’s premium model with Dogecoin. In addition, payments between users should be possible directly via Twitter. A useful idea given the high number of users.
In fact, two days before Musk’s Twitter purchase, it became known that the company was already working on a crypto adoption.
Hoskinson wants to link Cardano and Dogecoin
Charles Hoskinson, co-founder of Ethereum and founder of Cardano , wants to link Cardano and Dogecoin. The DOGE, founded in 2013, should subordinate itself to its ADA project and connect it as a sidechain .
The independent community behind Dogecoin may think this is a ridiculous idea, but Hoskinson firmly believes it. The memecoin would be given new opportunities, he writes on Twitter . Among them he counts above all Smart Contracts.[Dogecoin] should be a Cardano sidechain. I would undertake the migration for free. Hell, I would even add smart contracts.
Explains the programmer. It is by no means a coincidence that Hoskinson made such statements after the Twitter acquisition. However, it is very unlikely that this will actually happen. Cardano would of course be useful.