Crypto, Tech

Dogecoin’s rollercoaster prices after Elon Musk’s shock Twitter buy

Published on Apr 28, 2022 at 10:25 AM (UTC+4)
by Alessandro Renesis

Last updated on May 18, 2022 at 4:50 PM (UTC+4)
Edited by Kate Bain

Generally speaking, cryptocurrencies react to bad news, good news and rumours like the stock market does.

After Twitter announced it had accepted Elon Musk’s offer, Dogecoin went up 30 percent as rumours swirled that Twitter might sooner or later integrate it as a payment option before going down again.

READ MORE: Tesla stock plummets amid rumours Elon Musk could sell shares for Twitter sale

Dogecoin sits on a crown and a pile of coins.
Image: Kanchanara/Unsplash

Dogecoin (DOGE) was created as a joke – a ‘memecoin’ in crypto jargon, but it quickly gained traction partly because of the cult-like following it garnered on social media and also because Musk regularly talks (and tweets) about it.

He also made it a payment option for Tesla merch, praising Dogecoin’s low transaction fees and fast transaction times.

READ MORE: Elon Musk made The Boring Company for a bit of fun, now it’s worth $5.6 billion

Dogecoin was worth about $0.12 on April 25, it jumped to $0.17 after the announcement and now it has retreated a little bit, trading about $0.15 at the time of writing.

For stock and crypto investors with a Musk-focused portfolio, this bit of good news may partially alleviate the pain they’ve felt after Tesla stock price dropped significantly.

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Experienced content creator with a strong focus on cars and watches. Alessandro penned the first-ever post on the Supercar Blondie website and covers cars, watches, yachts, real estate and crypto. Former DriveTribe writer, fixed gear bike owner, obsessed with ducks for some reason.