Elon Musk’s Statements Affect the Value of Dogecoin
Elon Musk, a vocal supporter of Dogecoin, sent the price of the meme cryptocurrency soaring with a single tweet. In response to a tweet from a user requesting permission to visit the Twitter headquarters while in the US, Musk requested that the user pay him three Dogecoins (DOGE) for the favor. The tweet caused DOGE’s price to rise by over 4%. The Dogecoin community is hopeful that Musk will allow DOGE payments on Twitter, which has added to the surge in price. Musk has been known for his general support of cryptocurrencies and had voice his enthusiasm for Bitcoin and Dogecoin in the past. However, the current regulatory environment around cryptocurrencies may make it unlikely for Musk to integrate crypto payments on his platform anytime soon. Data from crypto tracker Whale Alert also shows that there has been large movement of Dogecoins in recent times, with over $70 million worth of DOGE being moved.
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