Dogecoin Skyrockets as Elon Musk Tweets a Dog Picture

Elon Musk has revealed the news and made hints that Dogecoin (DOGE) will soon be available on the Twitter platform. Elon Musk recently tweeted a picture of a Shiba Inu dog wearing a Twitter t-shirt.

This, therefore, supports the persistent rumors that he might soon add DOGE payments to his recently acquired social media platform.

Elon Musk hadn’t discussed his preferred memecoin, DOGE, in public before the Twitter acquisition. The tweet has caused the DOGE price to drop once more. At the time of publication, DOGE was trading 21% higher at $0.1444, with a market cap of $19.1 billion.

Dogecoin soars in price

DOGE trades at more than 125% gains on a weekly chart. The rally over the weekend has significantly increased public interest in cryptocurrencies. 

Elon Musk has been a fervent supporter of Dogecoin for the past few years. In fact, Musk thinks Dogecoin is superior to Bitcoin for making regular cryptocurrency payments.

Previous protests have been sparked by Musk’s backing of Dogecoin. Despite the recent tweet, the price of DOGE rose sharply by 27% in a matter of minutes. According to many market analysts, Twitter could soon accept DOGE payments as a result of Elon Musk’s acquisition of the social media site.

Given that DOGE is currently trading at $0.1444, it appears that the rally has ended. When DOGE hit $0.1474, its price soared from a 24-hour low of $0.1151. SHIB also launched a brief rally with gains of more than 8%. The price is currently $0.00001287.

Due to Musk’s vision, DOGE will probably be incorporated into Twitter. If it does, DOGE will have a utility and its price is probably going to skyrocket.

Well, Elon Musk and his companies have been very vocal about their support for meme coins. The executive revealed last month that Dogecoin could be used to purchase the Burnt Hair perfume from the Boring Company. Shiba Inu was also a choice on the payment page, in a similar manner.

It was recently reported that the social media juggernaut was thinking about charging blue-ticked/verified accounts $20 per month to maintain that badge. Therefore, Musk might enable the Dogecoin and Shiba Inu payment options for the same if such a thing does occur.

Additionally, community members anticipate Elon Musk to introduce a Dogecoin Tipping Jar. The same would aid in boosting the use of the aforementioned tokens.