After the announcement of Elon Musk’s appointment as a Twitter board member dogecoin experienced a rally of about 20%.
Dogecoin Experienced Its Second Rally With The Latest Development
Musk, who is a member of Twitter’s board of directors, pledged not to increase his current share of 9.2% in the company to more than 14.9% in return. Twitter CEO Parag Agrawal and Musk expressed their excitement for working with each other in their statement today:
Agrawal: “Through our conversations with Elon in the last few weeks, we realized that he would add great value to the board.”
Musk: “I look forward to working with Parag and the Twitter board and making big improvements to Twitter in the coming months!”
With this news, Dogecoin experienced its second rally after the developments between Twitter and Musk. Although Monday’s rally was short-lived, the current uptrend altcoin It climbed as high as $0.179.
Musk, who has become Twitter’s largest individual shareholder, can mediate the use of DOGE payments on the platform.
Analysts Evaluate Development
Bob Iaccino, chief strategist at Path Trading Partners and director of Stock Think Tank, said in a statement that he wasn’t sure there would be developments regarding DOGE:
“These are developments that are in the hearts of those who invest in Dogecoin. In fact, we can say that since Elon Musk is now on the Twitter board, it has become more difficult to pump the price of any coin through Twitter. If he does this, there is now much greater danger of retaliation from the authorities.”
Kryptomon chief marketing officer Tomer Nuni said of the development:
“It is speculated that advertisers will be able to make their payments on Twitter with Dogecoin. We heard similar speculation when Tesla announced that it could purchase some products using DOGE. In other words, as in Tesla, Musk’s other businesses or companies in which he is a shareholder. cryptocurrency Payments can start with.”
*Not investment advice.