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Billionaire and CEO of SpaceX, Elon Musk has once again influenced Dogecoin as recent news of his acquisition of Twitter shares induced a surge in the price of the memecoin.
Doge Whales Push Prices Up By 10%
The price of Dogecoin soared by 10% to a two-month high value of $0.157 upon the report that the American business magnate had secured a large portion of Twitter shares. This rise comes after a constant drop from its $0.167 peak early-February.
According to a US securities filing this Monday, Elon Musk was reported to have acquired up to 9.2% of Twitter stake valued at $2.89bn with respect to the price of Twitter (TWTR) on the NYSE, making him the largest shareholder in the social media company, even over four times bigger than founder Jack Dorsey’s 2.25% take.
Why Does a Billionaire’s Shares Acquisition Affect a Memecoin?
It is rather unsurprising that the recent report of the Tesla CEO’s interest in Twitter influenced the price of Dogecoin; Elon Musk has been one of the biggest pioneers of the memecoin despite not being directly or indirectly involved with its conception nor having any form of ties with the creators Jackson Palmer and Billy Marcus.
Some Doge proponents on social media have also speculated that, giving his position on Twitter now, the social media would most likely start supporting DOGE in its payments alongside BTC and ETH which it only currently supports, although it is still unclear if the business magnate will be directly involved in decision making in the company.
For years, Musk has been giving Dogecoin some free PR on Twitter and other platforms which has on several occasions directly influenced a surge in the price of the coin.
He had stated, in an interview with Time Magazine December last year, that he believes Dogecoin is better for transactions than Bitcoin.
Around the same time, Musk also announced that Tesla – his electric vehicle manufacturing company – would accept payments in DOGE; news that saw the memecoin soar by 19%.
His interest in Dogecoin was made more evident in his confrontation with Binance CEO Changpeng “CZ” Zhao on Twitter following reports of DOGE issues on the exchange. Musk has also noted that he owns some Dogecoin among other virtual assets.
While it is unclear what his fascination is with Dogecoin, Elon Musk has also made comments about other cryptocurrencies, influencing the market to an extent. In July last year, the price of BTC surged by 8% past $32,000 after Musk announced that he owns some of the digital coin.
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