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Why Is Elon Musk Twitter Takeover Pumping Dogecoin Price?

Shortly after Elon Musk purchased Twitter, his favourite cryptocurrency, Dogecoin, was bullish in the market. 

The price of the once-meme coin surged by more than 70% a day after the billionaire purchased Twitter, with many traders making so much money during the rally. 

Could this mean that Elon Musk is a force to reckon with in the cryptocurrency industry, and is it rational to invest in Dogecoin right now? These are questions that amateur and experienced crypto traders asked after the Dogecoin surge. 

You are at the right place as you are about to learn everything about Elon Musk Twitter takeover and why you should invest in Dogecoin right now. 

Everything You Need to Know About Elon Musk Twitter Deal 

Photo credit: CNN

The journey of Elon Musk becoming Twitter’s new owner is a pretty long one; it all started on January 31st, 2022.

Elon Musk first built up his stake on Twitter by buying shares until it was up to a 5% stake. Following that, he then disclosed his stake to the Securities and Exchange Commission (SEC) around March 2022 (SEC Nigeria, n.d.).

Within March, Musk started massive criticism of the platform, claiming that Twitter is not open-source. He also argued that Twitter doesn’t promote free speech enough, and he ended the month by saying he was giving serious thought about buying the platform.

What started as a joke to many saw Elon Musk in April become an active investor on Twitter after the revelation of his stake to the public. He was offered a seat on the Twitter board, which he rejected to focus on the Twitter buyout deal.

The month of April saw Elon Musk offering to buy Twitter with about $46. 5 billion in funding. Many investors made backing that saw Elon Musk raise nearly $7.1 billion throughout the deal (Hirsch, 2022).

Elon Musk had tried to back out of the deal on May 13th, but the social media platform sued the billionaire on July 12th.

A Delaware Chancery Court judge Kathleen McCormick gave Elon Musk October 28th to complete the deal or risk a full-blown trial. Elon Musk completed the Twitter deal on October 27th and immediately fired the CEO and CFO of the company (Vanian, 2022).

Why Dogecoin Price Surged Over $10 Billion

Dogecoin price surged over $10 billion in the market due to one primary reason: the news of Elon Musk buying Twitter (Fox, 2022).

Yes! According to data provided by Coinmarketcap , the market value of Dogecoin as of the time of writing is more than $18 billion. The meme-inspired cryptocurrency surged more than 100% when the announcement of Elon Musk Twitter takeover reached the public.

Elon Musk has been a huge friend of cryptocurrency, and he talked a bit about his love for the currency during an appearance on Saturday Night Live. Elon Musk called Dogecoin the “future of cryptocurrency” during that appearance.

He even adopted Dogecoin as part of the payment method for Tesla, and there are speculations that he might allow it on Twitter as part of payment options.

Photo credit: Blockbuild

What Could Elon Musk Twitter Takeover Mean for Crypto? 

On several occasions, Elon Musk has been a major influencer in the crypto industry. Although he is not usually direct with his actions, the world’s richest man has often influenced the price of cryptocurrencies with words and actions. 

Tesla’s electric car company has about $220 million worth of bitcoin , with the billionaire having personal investments in BTC, ETH, and DOGE. 

The amount of Bitcoin Tesla had before stood at $1.5 billion before they sold 75% of it due to the crypto bear market. 

Elon Musk has been quite vocal with his views and is not always afraid to share them on his favourite social media platform, Twitter. Completing the Twitter deal means that the crypto industry should expect real influence whenever the Tesla CEO does or says anything. 

However, as more tech company giants adopt cryptocurrency usage, it will become more mainstream.

Why Trading Dogecoin Now is a Good Idea 

Yes, trading Dogecoin now might be a great decision, as the billionaire still has more surprises up his sleeve. 

By simply completing his Twitter deal, the Tesla CEO has increased the market value of Dogecoin by more than $10 billion. On November 1st, 2022, the new Twitter owner even tweeted a Shiba Inu dog wearing a Twitter-printed shirt. 

Now imagine what would happen to the crypto market when Elon Musk integrates Dogecoin as a method of payment on Twitter. The crypto market will go wide with the Dogecoin price surging higher.

Besides the Elon Musk effect, Dogecoin is a good investment with great potential and a strong community. Compared to Bitcoin, Dogecoin is more efficient and has better mining potential than Bitcoin. 

Check Dogecoin Price

Dogecoin Price Predictions: Will Dogecoin Reach $1?

Many crypto trades and investors ask, “will Dogecoin reach $1?” 

From the analysis done on Dogecoin, the cryptocurrency price has the potential to reach and exceed $1, but it is less likely to happen this year. 

Dogecoin analysis, Source: Statista

Dogecoin’s introduction was in 2013 as the first meme coin in the crypto industry, and its price has increased based on Elon Musk’s activity. 

From a professional analysis of Dogecoin price predictions, the cryptocurrency price is set to hit $1 around 2025 or even 2026.

Where Can I Buy Dogecoin At Best Rates? (BingX Review)

After completing his Twitter deal, Elon Musk has increased Dogecoin’s price by more than 100%, which has spiked interest in many crypto traders. Many are searching for where to buy dogecoin easily and trade quickly for a profit.

The best place to trade dogecoin is on BingX for many reasons. BingX is a social crypto trading platform that offers DOGE USDT futures , spot trading , copy trading and derivatives for dogecoin and other cryptocurrencies. 

With over 3 million users and a presence in over 100 countries, BingX is the leading crypto exchange for buying Dogecoin. As a beginner or expert crypto trader, BingX connects you with expert traders on the platform in a safe, simple, and transparent way. This allows you to quickly copy the trades of experienced traders or get insights to make better trading decisions.

With BingX, you no more miss out on news or big trading opportunities. We allow you to buy dogecoin quickly and cheaply, so you don’t have to miss out on any trading opportunities. 

Dogecoin Airdrops

 

Reference

Hirsch, L. (5 5, 2022). Elon Musk has brought in new investors to fund his Twitter deal, a filing shows. Retrieved from NY Times: https://www.nytimes.com/2022/05/05/business/elon-musk-twitter-investors.html

Vanian, J. (06 10, 2022). Musk must complete Twitter deal by Oct. 28 to avoid trial, judge rules. Retrieved from CNBC: https://www.cnbc.com/2022/10/06/musk-seeks-to-stop-oct-17-trial-date-to-close-twitter-deal-on-original-terms.html

Fox, M. (2 11, 2022). Dogecoin has been revived with a $10 billion surge since Elon Musk purchased Twitter. Retrieved from https://finance.yahoo.com/news/dogecoin-revived-10-billion-surge-190134027.html

(n.d.). Retrieved from SEC Nigeria: https://sec.gov.ng/

 

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