Dogecoin rises by over 200% after another Elon Musk tweet

Numerous investors, admirers, and Twitter users anticipate Dogecoin’s eventual acceptance as a medium of trade on the social networking site. This expectation has without a doubt caused the altcoin to rise significantly over the past few days.

Elon Musk, a mercurial billionaire, may adopt blockchain technology and cryptocurrencies as one of the major adjustments he makes after acquiring Twitter.

In addition, we are all aware of his affinity for a certain cryptocurrency, the Dogecoin, which is regarded by some to be the first memecoin and whose price explosion in 2021 generated a great deal of commotion. 

Recent comings and goings and the stir between Twitter and Elon Musk have had a seismic effect on the currency, which has boomed by over 200% as a result of the price volatility caused by the billionaire.

Due to the passion of its previous CEO, Jack Dorsey, Twitter has a history of forays into the crypto world.

Now, some aficionados hope that Musk will link crypto and Twitter in a significant manner. Apparently, the platform might take a turn toward this realm. 

Elon Musk, who remains undecided, has previously hinted at intentions to make the website more crypto-friendly, including the acceptance of the meme-inspired Dogecoin currency as a payment option, similar to Tesla.

We noted a few days ago that the price of the memecoin had surged. Some optimistic, maybe delusional, individuals of the opinion that the billionaire would make Dogecoin into a kind of official Twitter money have contributed to the increase.

On October 25 each Dogecoin was valued around $0.06, however on October 31 each coin was worth approximately $0.13. Of course, this is still rather low, and experts have repeatedly advised against investing in the meme currency.

Despite this, some individuals continue to acquire Dogecoin in the belief that Musk would trigger a further increase in its value, whether directly or indirectly.

Despite this, the billionaire seems to be plagued by uncertainties in this respect, since his connection with this world has been extremely volatile in recent months.

One of them was how he liquidated a portion of his Bitcoin assets after the crash of the cryptocurrency.

In addition, Elon Musk faces the danger of legal action because of the extreme price fluctuation around Dogecoin.

According to a class action complaint filed in June, the harm caused by Musk’s tweets amounted to around 86 billion dollars, and the lawsuit demanded reimbursement for three times the amount of money purportedly lost.

Twitter: Elon Musk’s new Dogecoin goad

Elon Musk and Dogecoin have dominated the headlines in recent weeks, ever since it was announced that he will become Twitter’s new CEO. 

Once again, the tycoon’s latest tweet caused the price of his favourite cryptocurrency to rise on the evening of October 31, when he tweeted a photo of his pet Shiba INU puppy wearing a T-shirt with the Twitter logo and a Halloween-themed pumpkin.

😉 pic.twitter.com/eaIYaDRBnu

— Elon Musk (@elonmusk) November 1, 2022

The “Musk Effect” did not take long to manifest. In response to the tweet, the price of Dogecoin (DOGE) surged to $0.156, a level not seen since April.

According to CoinGecko statistics, the price of DOGE has since seen a minor drop and is now trading at $0.142 at press time.

In contrast, Doge’s value has increased by 15% in the previous 24 hours and 140% in the last week.

In the midst of the Twitter acquisition frenzy, numerous participants in the crypto community have stated their opinions.

Charles Hoskinson, as reported by BeInCrypto, stated that Dogecoin should become a Cardano sidechain, adding that he would be happy to assist the meme cryptocurrency’s migration for free.

Despite the bear market, Dogecoin (DOGE) has experienced a price gain of over 40%, making it one of the best performing cryptocurrencies this year.