By Darren Parkin
The price of Dogecoin has jumped 30 per cent in the 24 hours since Elon Musk – an outspoken fan of the alt coin – bought social media platform Twitter.
Musk’s purchase – a drawn out $44 billion acquisition – completed yesterday morning when Dogecoin was at $0.073. It’s currently worth $0.11. SHIB INU, meanwhile, jumped 17% from $0.000010 yesterday morning to today’s price of $0.000012.
SHIBA INU often moves in step with Doge after being created two years ago in almost mimic form to Doge which was developed ‘as a joke’ eight years ago by Billy Markus and Jackson Palmer.
Doge had lain largely dormant up until the start of last year when, with encouragement from Elon Musk and various Reddit groups, it leapt by 800 per cent to $0.07 in the GameStop short squeeze. Musk and other big names like Snoop Dogg, Gene Simmons and Mark Cuban continued to publicly sing Doge’s praises when, in May 2021, the SpaceX chief announced he would be funding a mission to the moon with the cryptocurrency.
At the time, its market cap of almost $50 billion propelled it to be become the fifth most valuable cryptocurrency with an increase of 7,000 per cent in one year. On May 4 2021, Dogecoin topped $0.50 and expectations were high.
Much of that expectation was fuelled by Musk who was due to guest host Saturday Night Live, with the markets anticipating a price spike on the back of Musk mentioning Doge on SNL. However, the Tesla supremo didn’t give Doge the nod its fans were craving and the price crashed by almost 45 per cent within 24 hours.
With echoes of Musk’s 2021 interest in Doge, the price has skyrocketed in the 24 hours since the announcement that he had taken over Twitter, despite the fact the word ‘Dogecoin’ hasn’t been uttered by the South African entrepreneur during that time.
However, one interesting crypto connection in the Twitter purchase came in the discovery that Binance and its CEO Changpeng ‘CZ’ Zhao had stumped up a jaw-dropping $500,000,000 as part of the Twitter deal, immediately buying a seat at one of the most influential tables in the world of social media.
“We’re excited to be able to help Elon realise a new vision for Twitter,” Zhao confirmed to Crypto AM.
“We aim to play a role in bringing social media and Web3 together in order to broaden the use and adoption of crypto and blockchain technology.”
Meanwhile, crypto whales were busy scooping up Doge as news of Musk’s purchase began to trickle through.
Some 400 million Doge tokens were transferred – including $2.1 million dollars’ worth in one transaction from a wallet into Binance.
As of this afternoon, Dogecoin appeared settled around $0.11, with SHIB also sitting steady at $0.000012. By contrast, Bitcoin’s 24-hour movement has barely nudged the needle further than two per cent at $20,720.
And Elon Musk is still yet to speak or tweet about Dogecoin.
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