The value of Dogecoin has again jumped up due to an action of Tesla CEO Elon Musk, who has now joined the board of directors of Twitter. An increase of 7 percent in the price of the coin was witnessed when the microblogging platform's CEO tweeted he has bought a stake in the company.
The Dogecoin was at a peak of about $0.17 and later settled at just over $0.16. The cryptocurrency has a market capitalization of more than $21 billion.
Dogecoin was at its all-time high in May 2021 when its value was $0.73. It was a bizarre bull-run for the coin as well as a couple of more meme stocks including AMC Theaters and GameStop.
Dogecoin has a close tie with Musk and this is the reason his tweets in 2021 influenced the price.
Musk has bought about a 9 percent stake in Twitter which is a total of 73,486,938 shares at the price of $39.31 each. His total investment is over $2.8 billion.
Twitter chief executive Parag Agrawal announced the news saying Musk is an intense critic of the platform as well as a passionate believer of the service, and this is exactly what is required for Twitter.
Musk has agreed not to buy over 14.9 percent stake of Twitter and take majority control after joining the board of directors.
Meanwhile, Twitter enthusiasts are waiting for some significant changes on the platform with the welcome of Musk and Dogecoin users are enjoying the news.
Dogecoin was released in December 2013 by creators Jackson Palmer and Billy Markus. It is a cryptocurrency that was developed out of a joke for a payment system. It is the first dog coin as well as the first meme coin. It developed an online community quickly and its current market cap is more than $85 billion.
The transaction process is much faster with Dogecoin compared to Bitcoin. It takes just 1 minute to confirm a transaction while Bitcoin usually takes 10 minutes.
About Elon Musk
Elon Musk is the CEO of Tesla. He is the founder, chief engineer and CEO of SpaceX. He is the co-founder of OpenAI, X.com and Neuralink. He is the richest person in the world and may soon become the first trillionaire.
In Pretoria, South Africa, Elon Musk was born in the family of a Canadian mother and a South African father.
In 1995, he moved to California and attended Stanford University. His first business endeavour was Zip2, which he co-founded with his brother, Kimbal Musk, in 2003.