Dogecoin cost spikes 21% after Elon Musk purchases Twitter The Informant247

Dogecoin is an open-source peer-to-peer cryptocurrency, favored by shibas worldwide. is a cryptocurrency created by software engineers Billy Markus and Jackson Palmer, who decided to create a payment system as a “joke”, making fun of the wild speculation in cryptocurrencies at the time. It is considered both the first “meme coin” and, more specifically, the first “dog coin”.

Elon Musk frequently uses his Twitter platform to express his views on Dogecoin, which has led some to claim that his actions amount to market manipulation. because the price of Dogecoin frequently experiences price movements shortly after Dogecoin-related tweets released by Elon Musk. Nevertheless, because cryptocurrencies are not regulated like stocks, these actions are not illegal.

On May 9, 2021, SpaceX announced a rideshare mission to the Moon completely funded by Dogecoin, thus becoming the first space mission funded by a cryptocurrency. Elon Musk confirmed this news via Twitter. DOGE-1 will be a minor 40 kg rideshare payload on Intuitive machines IM-1 mission in Q1 2022.

The dog-themed joke cryptographic money hit an unsurpassed high in May last year and rose by more than 3100% in 2021.

Notwithstanding, it sneaked off the crypto graphs and its value eased back to a slither — until now.

That’s all changed since the news broke on Tuesday morning that Telsa CEO Elon Musk had bought Twitter.

Overnight Mr. Musk, who is likewise the world’s most extravagant man, struck an arrangement to purchase Twitter for US$44 billion (A$61.4 billion).

Dogecoin brokers are completely anticipating that Musk should permit dogecoin to be exchanged on Twitter and the cost spiked appropriately.

At the season of composing doge was exchanging for US$0.160040, up an eye-watering 21.8 percent in the beyond 24 hours, as indicated by CoinDesk.

Its transaction volume has risen by 932 percent in the last day and the blockchain has scraped its way into the top 10 of all cryptocurrencies.

Source: The Informant247 Naija News

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