Today was another impressive day for crypto investors in the Dogecoin meme token (DOGE-USD). These dog-inspired tokens have risen 19% in the last 24 hours in early afternoon trading as investors factor in Dogecoin’s key news in the valuation of this token.
What else can raise Dogecoin above the news related to Elon Musk? After all, the CEO of Tesla (NASDAQ:TSLA) was behind the previous parabolic rallies in this token. The impressive surge of this token today has brought Dogecoin into a plus this year.
Usually it’s Elon Musk’s tweet that causes Dogecoin investors to bark. Today it became known that Elon Musk bought a huge stake in Twitter (NASDAQ:TWTR).
Notably, Twitter was the key platform that Elon Musk chose to share his views on everything from his various businesses to his favorite cryptocurrencies. Regulators and judges didn’t necessarily smile at some of the tweets Musk has made in the past that have moved the market forward. No company. Accordingly, investors seem to be counting on a higher level of difficulty for Twitter (and not for regulators) to censor Elon Musk’s tweets in the future.
Now regulators can still pursue Elon Musk for his apparent lack of oversight of tweets that affect the market. This huge block of shares does not change this paradigm. However, Elon Musk’s potential to really strengthen his presence on this social media platform (hello, Dogecoin tweets) has excited cryptocurrency speculators.
Thus, for Dogecoin investors right now, just waiting for Musk to feel that the open door season has arrived is enough to start tweeting a storm. What this says about the speculative nature of this token is up for discussion. But now Dogecoin is popular for a reason.
At the date of publication, Chris McDonald did not have (directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article belong to its author in accordance with the Rules of Publication InvestorPlace.com .
Chris McDonald’s love of investing prompted him to obtain a Master of Business Administration degree in finance and over the past 15 years to take on a number of senior positions in corporate finance and venture capital. His background as a financial analyst, combined with his zeal for finding undervalued growth opportunities, contribute to his conservative, long-term investment outlook.
