Dogecoin's rollercoaster prices after Elon Musk's shock Twitter buy
Published on Apr 28, 2022 at 2:25 AM (UTC-4)
by Alessandro Renesis
Last updated on May 18, 2022 at 8:50 AM (UTC-4)
Edited by
Alessandro Renesis
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 (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.
Alessandro is an automotive journalist with 10 years of experience covering supercars, automotive history, emerging vehicle technology, and luxury transportation. He wrote the first article published on SupercarBlondie.com when the website launched in 2022 and has since built a reputation for insightful reporting across the automotive and transportation industries. His expertise is grounded in hands-on experience. Alessandro has driven every Tesla model ever produced, from the original Roadster to the Cybertruck, and regularly covers the latest developments in electric vehicles and automotive innovation. His passion for transportation extends beyond cars, he has even flown a Boeing 787 Dreamliner simulator in Addis Ababa, Ethiopia. His reporting spans everything from classic American muscle cars and rare automotive discoveries to luxury yachts, private aircraft, high-end watches, and cutting-edge vehicle technology. Known for his deep knowledge of automotive history and ability to uncover the stories behind iconic vehicles, Alessandro brings readers a blend of historical context, technical expertise, and first-hand experience.
