Dogecoin rallies on Elon Musk’s purchase of Twitter

Dogecoin’s cost has had an intense foment as Twitter’s purchase by Elon Musk approaches.

The most representative meme cryptocurrency in the entire market is rising throughout a general recovery throughout this bearish year. And the foment could be being created, again, by billionaire Elon Musk.

The chatter revolves around Musk’s purchase of the social network Twitter, which is reportedly close to fruition. Not only was Musk historically a public protector of cryptocurrency, but it is rumored that he will use it as a currency on the social platform.

In recent days, Musk changed his Twitter specification to self-define himself as the leader of the social network (“chief twit”), and this Wednesday, October 26, he stopped by to see the company’s headquarters in San Francisco, USA.

Musk and his dominance of the cryptocurrency market

Not only one of his organizations, the electric vehicle manufacturer Tesla, has bought bitcoin for its treasury. In addition, the tycoon himself has opined on the pioneering cryptocurrency and has become involved in the debate about mining and its environmental effect.

In one situation he achieved joking about being the CEO of the cryptocurrency, offered help to the developers of the plan, and in a sketch on the famous comedy show Saturday Night Live, mocked DOGE and labeled it “a scam”.

His words have on many occasions moved the cost of Dogecoin, Bitcoin, or even another meme cryptocurrency, Shiba Inu.