Over the weekend, Dogecoin reportedly jumped higher as the entire DOGE market was filled with joy. The cryptocurrency industry was excited over the latest updates of Twitter being acquired by Elon Musk.
Elon Musk is DOGE’s Positive Factor
Since 2021, Elon Musk has proven himself to be a positive factor for Dogecoin (DOGE). He has continued supporting the meme coin despite the downfalls it had to face due to the crypto winter.
He is the reason why just a meme coin became one of the largest-valued cryptocurrencies in the entire crypto-verse.
Time after time, Elon Musk has continued extending his support for DOGE and to this day, he is focused on helping the meme coin.
This is the reason why many analysts think that Elon Musk is a positive factor for Dogecoin. Whenever he says something about DOGE, it forms a strong rally around the meme coin.
Twitter Acquisition Sent a Frenzy
Just when things were going normal for Dogecoin, Elon Musk came in and sent a strong frenzy throughout the DOGE investment market.
He announced that he had officially acquired Twitter. Right after the announcement, the investors rallied Dogecoin and its price rose tremendously.
As the investors started to rally Dogecoin, the excitement grew more among the rest of the DOGE community. Finally, the long wait was over and the investors were glad to invest in DOGE.
They continued investing in DOGE and as a result, the meme coin’s trading price rose by 150%. This was a huge gain for DOGE as it would go on to hit higher trading levels.
In just four days, the trading price of DOGE has hit the same high level it had hit in April 2022. That was the first time it was announced by Elon Musk that he was acquiring Twitter.
Why did DOGE rally after Twitter Acquisition?
Even before Elon Musk had announced his plans of acquiring Twitter, he had shared some ideas about Twitter’s future orientation with Jack Dorsey.
Dorsey was the founder and former CEO of Twitter, who resigned and went on to become the founder and CEO of Square.
Among the ideas Elon Musk gave was to change the orientation of Twitter from being a social media platform to a payment platform.
He gave an idea that the users could send and receive funds in crypto through Twitter. However, things did not work out as Jack Dorsey left Twitter in late 2021 and was replaced by Parag Agrawal.
Following the acquisition, Elon Musk may go onto adopt Dogecoin as the native token on Twitter. He had previously claimed that he would integrate DOGE to Twitter.
Now that Elon Musk has acquired Twitter, the entire investment community is hoping he would stay loyal to his words.