As Elon Musk closes in on Twitter, his favorite cryptocurrency soars

The cryptocurrency featuring the Shiba Inu logo was created in 2013 by Jackson Palmer and Billy Marcus. as a joke To make fun of crypto tokens. However, during the 2021 meme stock frenzy, the token’s popularity skyrocketed, hitting an all-time high of 73 cents in May 2021. According to CoinMarketCapSince May 2022 the token has been below 9 cents, Tesla The words and actions of CEOs often caused temporary but significant price increases.

Despite the token’s comical origins, Musk has often touted cryptocurrencies as an important source of payments. Mr. Musk said in January, Tesla starts accepting Dogecoin According to CoinMarketCap, the price of the commodity rose 14% to about 20 cents.

In April, when Musk toyed with the idea of ​​buying twitter he Proposed Twitter subscription service Twitter Blue should also accept Doge. of space x The CEO also said that his rocket company Joined Tesla When accepting Dogecoin for goods.

The token later dropped in price, Reuters reported It jumped 14% to about 14 cents as Twitter prepared to accept Musk’s offer to buy the social media company for $43 billion.

Still, Musk’s comments and tweets about Dogecoin are also under scrutiny. Investors who lost money on Dogecoin in June SpaceX and Tesla sued Musk for $258 billion They claim they were part of a blackmail scheme to boost Dogecoin.

While Musk frequently interacts with Markus on Twitter, Palmer, another cryptocurrency co-creator, said: Formerly called musk A “Grifter” who touts a vision in the hope that one day he will be able to deliver what he promises, but he doesn’t know it. He’s really good at pretending he knows. ”

Palmer’s comments haven’t stifled Musk’s support for the currency, though. He previously said he would not sell his Dogecoin holdings. Tweets in June: “We will continue to support Dogecoin.”