Before Elon Musk finalized the purchase of Twitter in exchange for 43 billion dollars, in addition to the company’s shares soaring, there was also an air of hope for investors betting on Dogecoin.
The Musk effect
Since Monday, when the South African tycoon presented his takeover bid, the value of Dogecoin jumped more than 17%.
According to information from CoinDesk, the cryptocurrency was trading at around $0.15. However, its value has dropped nearly 80% since its all-time high in May 2021; in contrast, Bitcoin fell -1.61% and Ether -2.97%.
Once Musk himself celebrated on his social networks that he had acquired the blue bird company, Dogecoin’s supporters now hope that the adjustments that the visionary entrepreneur will make internally can contribute to boosting the cryptocurrency as a form of payment for various services.
It should be noted that Elon Musk has long supported the Shiba Inu-themed token to the extent that since January Tesla, his other company, already accepts Dogecoin as payment for some goods.
Shake-up of bitcoin
Previously, the tycoon had pointed out that dogecoin is more suitable for transactions than bitcoin.
“The total flow of transactions you can do with dogecoin, as transactions per day, has a much higher potential than bitcoin whose cost of per transaction is high,” he recently told Time magazine.
The first cryptocurrency to be born was bitcoin, in 2009, and since then other equally well-known cryptocurrencies have appeared, such as litecoin, ethereum, bitcoin cash, ripple, dogecoin, among others.
The interesting thing is that dogecoin could register a change in its behavior thanks to the impulse of Elon Musk and perhaps this would lead it to reduce the distance that separates it from bitcoin, as well as from ethereum, the two main cryptocurrencies.
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