Elon Musk finally buys twitter (TWTR) And Dogecoin exploded this week with news of a $44 billion buyout. The popular meme coin rose 35% as Musk (a self-proclaimed “dogfather”) repeatedly promoted the crypto and engaged with his community of users.
The cryptocurrency was created in Skylark in 2014 without any serious intentions behind the project. However, it gained popularity through the community’s widespread online meme. Prices soared last year with an investment frenzy in meme stocks, but then crashed due to little utility. Also, according to his CoinGecko, a cryptocurrency analysis site, the developer has not made any major changes since 2015.
Still, Elon Musk is romantically involved with DOGE, which he has promoted in tweets and shared various related memes in the past.his Tesla (TSLA), SpaceX, and Boring Company all accept Dogecoin as payment for their goods. And he named SpaceX’s 2022 lunar mission his DOGE-1.
Musk’s tweets and announcements have caused price volatility in the past. He even considered using Dogecoin as payment for Twitter subscriptions or paid versions. His text leading up to the acquisition of the site has been revealed, and he also considered creating his own cryptocurrency for the same purpose.
But that flirtatious relationship also landed him in hot water. accused of pushing up the price of Dogecoin and causing it to crash. Musk claimed in June that he never said people should invest in cryptocurrencies, but that he personally supports them.
Doge isn’t the only cryptocurrency that Elon has flipped. Musk announced in May last year that Tesla would accept Bitcoin as payment for Tesla, but canceled the option two months later.
Doge Price Action
Despite the rise, Doge is still trading below 10 cents. Last year, Dogecoin’s price surged from a fraction of a cent in May of this year to an all-time high of 73 cents. But by July it was below 20 cents and hasn’t been above 30 cents since last August.
Follow Harrison Miller on Twitter for stock news and updates. @IBD_ Harrison
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