Dogecoin is growing rapidly after Elon Musk became the largest shareholder of Twitter


Dogecoin, the meme cryptocurrency adopted by Elon Musk, CEO of Tesla and SpaceX, rose 19% to $0.017 in the last 24 hours of this Tuesday, 5, following the news that the richest man in the world is now the largest shareholder of Twitter, with 9.2% of the company bought for almost $3 billion.

Musk is one of the biggest crypto enthusiasts among celebrities: Tesla once accepted bitcoins for a while to buy cars, but abandoned this idea due to concerns related to the environment and mining. DOGE also accepts the company’s products, such as T-shirts and mugs.

The founder of the social network and Musk’s new partner is Jack Dorsey, who left the post of CEO to devote himself entirely to Block, his other payment company, which is increasingly focusing on cryptocurrency. In addition to Square, which specializes in payment methods for retailers, Block also owns Cash App, the second largest financial app in the United States.

The trade and value of DOGE increased due to the expectation that Twitter will introduce cryptocurrency on its network. A CNBC reporter wrote: “So Jack has 2% of Twitter, Elon Musk has 9%! Jack loves Bitcoin. Elon Musk loves DOGE.”

However, there are no signs yet that such integration will take place. However, this morning it was announced that the CEO of SpaceX will join the board of the social network and promised “significant improvements in the near future.”