See How DOGE Reacted to Musk’s Twitter Takeover
- Musk shares a history with DOGE. His tweets and comments often affect the memecoin’s price.
- DOGE investors slammed Musk for his support of the coin, claiming the Tesla boss misled them.
Crypto users have found it difficult to explain why Tesla billionaire, Elon Musk, chose to throw his weight behind Dogecoin, choosing it above other popular and better-performing coins. Musk has not only voiced his support for the memecoin but has also been able to influence the coin’s price via his actions.
Musk’s tweets are known to spark massive reactions among his followers. But acquiring Twitter not only triggered wild jubilations amongst his fans but also affected the prices of assets dear to his heart. Dogecoin is one such example.
Musk recently completed his anticipated purchase of Twitter for $44 billion. The 51-year-old has long been an admirer of the crypto industry, so his arrival at Twitter was a major win for crypto lovers.
Dogecoin reportedly rose by 9% following Musk’s acquisition. As of Friday morning, DOGE was reportedly ranked as the ninth largest cryptocurrency, with a market capitalization of $11.5 billion. The memecoin has not experienced such a surge since August, showing how much influence Musk wields over the cryptocurrency.
Crypto enthusiasts predict that DOGE might become the next big coin in the market due to Musk’s affection for it. Traders predict that the new Twitter boss could decentralize the social media site and make DOGE an official currency, which would be used to pay for transactions on the network.
Despite his support for the memecoin, Musk has not enjoyed a smooth relationship with some of the founders of DOGE. In June, Dogecoin co-creator Jackson Palmer made some shocking claims about the SpaceX boss, slamming him for “pretending.” Jackson told an Australian site,
He’s a grifter, he sells a vision in hopes that he can one day deliver on what he’s promising, but he doesn’t know that. He’s just really good at pretending he knows.
Some DOGE investors later filed a lawsuit against Musk and his companies for his supposed support of the memecoin. Investors claimed the “defendants falsely and deceptively claim that Dogecoin is a legitimate investment when it has no value at all.”
It remains to be seen if Musk will show more support for DOGE or embrace a more receptive project.