Dogecoin, the leading cryptocurrency for canines, has seen a substantial rally as Elon Musk, Tesla CEO and SpaceX CEO makes big moves on Twitter.
“Yeah! So this is good news,” tweeted Dogecoin founder Billy Markus, after Parag Agrawal, Twitter’s CEO, announced that Elon Musk would be joining Twitter’s board.
According to data from CoinMarketCap, DOGE also responded positively to the news. It jumped more than 6% in 24 hours.
After briefly reaching $0.17 on last night, the leading meme currency now trades at just $0.16. Dogecoin has a market cap of just over $21 million.
Even more impressive was the week-long rally. DOGE traded at $0.14 on March 30. This represents a roughly 21% increase from its peak to trough.
DOGE remains below its May 2021 all-time high $0.73. The cryptocurrency was joined by a few meme stocks such as GameStop(GME) or AMC Theaters [AMC] in one of the most bizarre bull-run stories ever recorded in financial history.
Dogecoin’s recent rise could be due to its close ties to Elon Musk, and his strong influence on the price of DOGE – an influence he frequently exercises via Twitter.
Musk, Dogecoin and Twitter
According to an SEC filing, Musk bought a 9.2% share in the social networking company on Monday. According to the filing, Musk had bought 73,486,938 TWTR shares for $39.31. This is more than $2.8 Billion.
The CEO of Twitter announced that Musk had joined its board of directors the day after. Paragawal stated that Musk is both a strong believer and a fierce critic of Twitter.
Musk has also agreed to join the board. He will not buy more than 14.9% or take over majority of the company’s control.
According to a filing, “Mr. Musk won’t, either as an individual or as part of a group become the beneficial owner more than 14.9%”
Dogecoin owners are enjoying this week’s news as they wait with bated breath for any changes to Twitter.