Dogecoin has maintained its bullish stance since news of Twitter board accepting Elon Musk’s bid to buy the microblogging site. DOGE is currently up over 30% in the last 24 hours, leading the recovery in the broader cryptocurrency market, as the market capitalization of the space is currently up 5.77% at the time of this writing.
Not just the token price, but the interest in the infamous meme coin has also surged. Analysis of Google search data reveals that online searches for ‘Buy Dogecoin’ exploded 392% worldwide on the 25th of April, the same day that it was announced that Elon Musk had bought social media platform, Twitter for $44 billion at $54.20 a share.
On the transaction, Elon stated, “Free speech is the bedrock of a functioning democracy, and Twitter is the digital town square where matters vital to the future of humanity are debated. I also want to make Twitter better than ever by enhancing the product with new features, making the algorithms open source to increase trust, defeating the spam bots, and authenticating all humans.”
What you should know
- Once the deal is completed, Twitter will be delisted from the New York Stock Exchange (NYSE) and ultimately become a privately held company.
- Asides from Dogecoin, we are seeing significant rallies in the meme coin sector of the cryptocurrency space, which looks to be a cheer from Dogecoin’s counterpart for the successful acquisition of Twitter by the world’s richest man.
- SHIB, ELON, SAMO, MONA and HOGE, are all up 10% and more. This puts the total meme coin market capitalization at approximately $35.7 billion, up 20% as of the time of this writing.
- The trading volume of the meme coin sector has also rallied. The volume currently stands at $8.4 billion, currently up over 400% at the time of this writing.
- The reason we are seeing a strong rally in Dogecoin is as a result of Musk teasing Dogecoin as a means of payment on Twitter in a tweet. He proposed Dogecoin as one of the payment options for Twitter Blue, the site’s subscription service with premium features.
- Dogecoin’s price and Musk’s takeover of Twitter are not directly correlated, however, some analysts say Musk’s repeated endorsement of the meme coin attracts speculation from crypto investors hoping for dogecoin to be included in Twitter’s long-term plans.
Dogecoin, in 2022, has made it into the top 10 by market capitalization for the first time this year over the news. Twitter’s share price ended the trading session up 5.66%, currently trading $51.70 a share, as a result of excitement around the acquisition of the company by the world’s richest man.
Tesla, one of Musk’s many companies, already accepts Dogecoin as a means of payment on its online merchandise store. Musk has also previously lent support to Dogecoin development and adoption, such as a May 2021 tweet that saw Musk state he was working with Dogecoin developers to improve system efficiency.