Dogecoin surges after self-proclaimed ‘Dogefather’ Elon Musk strikes deal to buy Twitter

NEW YORK (BLOOMBERG) – Dogecoin, the cryptocurrency with a shiba inu meme that has lengthy been a favorite of Mr Elon Musk, surged virtually 30 per cent after information that Twitter has accepted the billionaire entrepreneur’s provide.

The meme coin jumped to 17 US cents. It was a standout on a day when different cryptocurrencies from Bitcoin and Ether to Solana and Polkadot remained comparatively flat.

Mr Musk has been an enormous proponent of Dogecoin, going as far as to name himself the “Dogefather” in a tweet final April. Price swings for the coin typically go hand in hand with Musk tweets or actions.

He stated on Twitter in January that Dogecoin could possibly be used to buy Tesla merchandise.

“Elon has openly supported Dogecoin and previously talked favourably of this token,” stated Mr Teong Hng, chief government of Hong Kong-based crypto funding agency Satori Research. “(The) market is anticipating that he may incorporate Dogecoin as a payment system, hence this rally.”

Mr Musk has been an early company champion of adopting digital currencies and has helped spur the recognition of Dogecoin, a cryptocurrency that began as a joke in 2013.

“This is very much speculation. To my knowledge, Elon has not talked about Dogecoin integration plans,” stated Ms Noelle Acheson, head of market insights at Genesis Global Trading. “But the possibility, even if it is remote, is enough to get traders excited about the potential gain in Doge adoption.”

Mr Musk has roiled crypto markets previously. In February 2021, Tesla stated it had bought US$1.5 billion (S$2 billion) in Bitcoin and deliberate to settle for it as a cost, triggering a rally in its personal inventory in addition to the foreign money. But Mr Musk did an about-face the next May, sending the worth of Bitcoin and different cryptocurrencies sliding.

Bitcoin slid early on Monday by as a lot as 3.3 per cent to US$38,223, the bottom since March 15, and at one level was down greater than 20 per cent from final month’s excessive. It was little modified after paring the sooner loss.

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