The new crypto market graphs reveal just how connected Elon Musk is to Dogecoin's vitality.
Dogecoin, a meme coin established by Billy Markus and Jackson Palme, has recorded a 40% price increase within two days.
DOGE price jumped to $0.081 after tech blogger Jane Manchun Wong claimed that Twitter is working on launching a crypto wallet prototype, supporting crypto deposits and withdrawals.
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However, such things may not influence DOGE price growth if it wasn’t for token advocate Elon Musk’s connection to Twitter. At the end of April, Elon Musk won the bid to purchase Twitter for $44 billion.
At some point, after the news broke about Musk’s Twitter acquisition, SpaceX and Tesla CEO shared an idea to add Dogecoin as a payment method for the Twitter Blue subscription service. It again influenced a huge DOGE price surge. Ten days after the proposal, DOGE's price grew by 30%, reaching $0.17.
However, the good days for DOGE didn’t last long. In June, Musk’s plans to back away from the Twitter deal were detrimental to the token. Its price fell as low as $0.05. At that time, Musk claimed that some of the data provided by Twitter were incorrect.
The billionaire attempted to fix the situation in July, claiming that his company Tesla still holds all of its DOGE after selling the majority of its Bitcoin (BTC) holdings. However, no significant price changes were recorded.
In response to Musk’s claims, Twitter sued Tesla's CEO. Eventually, the court ruled in Twitter’s favor, with Chancellor Kathaleen McCormick stating that the deal should be closed on October 28th at 5 PM.
Following the news, on October 26th, Elon Musk changed his Twitter bio to “Chief of Twit.” On the same day, Musk visited Twitter headquarters and raised anticipations about DOGE becoming an integral part of Twitter.
At the time of writing, after a significant price surge, DOGE retails for $0.075, recording a 6.39% price drop.