DOGE rate rises by 16,7% following Elon Musk’s tweet

The new head of Twitter has posted a picture of a Shiba Inu dog wearing a T-shirt with the logo of the social network

01.11.2022 - 06:45

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What’s new? On the morning of November 1, Tesla and SpaceX CEO Elon Musk posted on his Twitter account a picture of a Shiba Inu dog wearing a T-shirt with the logo of the social network. In just a few hours, the Dogecoin (DOGE) meme token’s rate rose by 16,7%. As of November 1, 06:20 UTC, the asset is trading at $0,1472, up by 25,24% in 24 hours, according to Binance.

😉 pic.twitter.com/eaIYaDRBnu— Elon Musk (@elonmusk) November 1, 2022

What is known about DOGE? It is a meme cryptocurrency created in 2013 by Billy Marcus and Jackson Palmer. The token’s mascot is a Shiba Inu dog. In September, DOGE became the second most capitalized cryptocurrency on the Proof-of-Work (PoW) consensus algorithm. This came after the Ethereum network switched to Proof-of-Stake (PoS).

What happened before? In early October, Elon Musk revived his deal to buy Twitter. The billionaire’s lawyers sent a letter to the company offering to buy it at the original listed price of $44 billion, at $54,2 per share. On October 28, the billionaire became the social network’s new owner.

Musk previously proposed integrating Dogecoin payments into Twitter to pay for a Twitter Blue subscription. In February, the social network added the ability to pay tips using Ethereum. Earlier, payments in BTC were already available on the platform.

Musk had previously repeatedly advocated for Dogecoin, which caused the asset’s price to rise. In December 2021, he said Dogecoin was better for everyday payments than bitcoin. In May, SpaceX began accepting DOGE as payment for merch. The Boring Company, also owned by Musk, integrated Dogecoin into its Loop service. The billionaire noted that he “Supporting Doge wherever possible.”

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