Dogecoin (DOGE)It was ridiculed by many people in the first days of its release. It was pretty funny that there was a crypto-asset featuring a meme (prank). DOGE, which emerged at a time when people were gradually getting used to Bitcoin, managed to gain momentum in a short time. Of course, Dogecoin is not a new crypto asset as predicted, on the contrary, it is a very old crypto asset, but it has never seen the $ 1 level until today. But things can change thanks to Elon Musk.
The first thing that comes to mind when Dogecoin is mentioned is actually Elon Musk as much as the crypto asset itself. Tesla’s CEO Elon Musk’s love of DOGE is a known thing. Until now, Musk has managed to influence the price of the meme coin by tweeting at unexpected times.
One of the last investments Musk made in this regard was the Twitter investment in a much more interesting way. Elon Muskhas rocked the internet by emerging as Twitter’s largest shareholder. Shares of the social media giant weren’t the only ones witnessing a significant increase. DOGE price responded to this news with an increase of about 8%. The altcoin has tried to sustain this rise throughout the week.
That wasn’t all. There have also been a few different instances in the past where Musk has managed to increase the price of Dogecoin. One of the most famous is Musk’s debut on SNL with DOGE. Musk continued to call himself the “Dogefather” by announcing his SNL appearance.
The Dogefather
SNL May 8— Elon Musk (@elonmusk) April 28, 2021
Could Dogecoin Hit $1 If Elon Musk Buys Twitter?
Musk’s public jokes were a major factor in helping DOGE’s rise. “SpaceX will put a real Dogecoin on the real moon,” Musk jokingly said in April 2021. Even this tweet earned over 32 percent.
While these are just a few famous examples of Musk helping raise the meme coin, there are many more to come.
Elon Musk was clearly dissatisfied with the fact that he was Twitter’s largest shareholder (it started making headlines around the time it lost the title of largest shareholder, but this content was made at an earlier date). Musk aims to customize Twitter to support freedom of expression. Therefore, he continued his investment and offered to buy Twitter for $54.20 per share. While this offer is still highly unlikely, the possible sale of the social media platform could benefit DOGE.
As seen above, Elon Musk meme coingreatly affected and may continue to do so. With the sale of Twitter completely, Musk’s Dogecoin-based additions are considered certain. The community thinks that this will definitely increase the price of the asset in return.
The closest Dogecoin was to $1 was about a year ago. The altcoin hit an all-time high of $0.7376. At the time of writing, the asset was trading 80 percent below this level as it was trading at $0.1468 at the time of writing.
In addition to all these developments, Musk was a guest on a Ted Talk earlier this week. When asked if he regrets the constant pumping of DOGE, Musk didn’t hesitate to answer:
“I think they were fun and I always said ‘Don’t bet the Farm on Dogecoin’”, he said.
Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, Koinfinans and the author of this content cannot be held responsible for personal investment decisions.