- Tesla and SpaceX founder Elon Musk purchased Twitter on April 25.
- The billionaire’s enthusiasm for doge sent investors scrambling to buy the cryptocurrency.
- Will there be real dogecoin use cases implemented on the platform, or will the hype fizzle out?
On Monday afternoon Elon Musk entered an agreement to buy Twitter for $54.20 per share, valuing the social media company at approximately $44 billion. And while shares of Twitter understandably rose over 6% after the deal was announced, it may come as a surprise that Dogecoin surged as well.
![Dogecoin [DOGE] to rise beyond 40%? Whale activity may spur rally](https://crypto.newswireservice.net/wp-content/uploads/2023/02/doge-wale-1000x600-120x86.jpg)
The price of Musk’s favorite cryptocurrency shot from $0.12 to $0.17 on the news, and has now become the 10th biggest cryptocurrency by market capitalization.
Many speculate that Musk’s purchase of Twitter will transform the cryptocurrency originally created as a joke into a legitimate contender in the world of crypto, complete with some very real use cases. For instance, Musk has accepted Dogecoin payments for Tesla merchandise in the past, and has recently alluded to accepting Doge for Twitter premium services.
We asked crypto experts for their thoughts on Musk’s takeover, what it means for doge, and if there are going to be any major consequences for the crypto economy.
What is Dogecoin
Dogecoin was the fifth cryptocurrency created by software engineers Billy Markus and Jackson Palmer. Both have since left working on the project full time.
While originally intended as a joke, Dogecoin began to be taken more seriously after Musk started publicly touting the meme cryptocurrency. The price of dogecoin rose from $0.010 in January 2021 all the way to $0.44 by early May of that year, garnering thousands of headlines and attracting the attention of retail investors all over the world along the way.
During that time Musk became the unofficial, self-appointed…
![Dogecoin [DOGE] to rise beyond 40%? Whale activity may spur rally](https://crypto.newswireservice.net/wp-content/uploads/2023/02/doge-wale-1000x600-350x250.jpg)
