Following the acquisition of Twitter by Elon Musk, Dogecoin, a joke coin backed by the billionaire, first rose by 17% on Friday before expanding an additional 70% on Saturday to bring its total gain since the deal was closed to 87%.
The world’s richest man who also doubled as Tesla CEO is named Doge-Father because of his unflinching support for the coin.
Investors King understands that electric vehicle maker, Tesla is accepting Dogecoin as a means of payment for the company’s merchandise such as tires and other spare parts.
Elon Musk has been a strong advocate of cryptocurrency.
Tesla Inc. held $1.2 billion worth of bitcoin on its balance sheet before the company sold about 75 percent of its holding.
Similarly, Musk’s newly launched perfume brand “burnt hair” also accepts dogecoin in exchange for the product.
On several occasions, Musk has tweeted about dogecoin which often led to the surge of the one-time meme coin which now turned out to be one the most favourite digital asset with growing utility.
Dogecoin started as a social media joke before it elicit the interest of the world’s richest man.
On one occasion, Elon Musk hyped dogecoin by tweeting the word “People’s Crypto”.
On Saturday, dogecoin extended its weekly gain by more than 70 percent. The coin rallied to $0.134340
The digital asset surged by more than 35 percent on Monday as rumors of Elon Musk completing the acquisition of Twitter traveled wide.
Meanwhile, several sources have confirmed that ChangPeng Zhao, who is the Founder and Chief Executive Officer of the largest cryptocurrency exchange, Binance invested a sum of $500 million towards Musk’s buyout of Twitter.
This has raised a strong sentiment that the social media platform will be enormously crypto-friendly going forward.
Although Twitter in the past years has introduced some cryptocurrency features which include the opportunity to attach bitcoin address to users’ profiles.
Under the leadership of Twitter’s Co-founder and former CEO, Jack Dorsay, the microblogging platform had started ways to incorporate blockchain technology into the Twitter platform.
