Elon Musk buyout of Twitter bumps Dogecoin value over 20%

On the word of Tesla CEO Elon Musk’s buyout deal, the price of Dogecoin jumped as high as 27% on Monday morning.

Dogecoin was most recently up 24.3%, and Twitter shares on the other hand ended the day up 5.6%.

Dogecoin was created in 2013 as a “joke,” making fun of cryptocurrency speculation at that time. It gained relevance in 2021, after the Space X CEO and continued pushing the coin on social media. The coin is currently the 10th largest cryptocurrency according to coinmarketcap.com.

Musk has long been a fan of Dogecoin, and a huge supporter of digital assets. Musk stated last month that he would never sell his Dogecoin, and would also hold onto his Bitcoin and Ether. 

In addition to pushing Doge, Musk’s Tesla is a major corporate buyer of crypto. Earlier this year Tesla began accepting Doge as payment for purchases. 

There is a hope that the purchase of Twitter will bring about more crypto native features, which has been something Musk has promised. Bitcoins censorship-resistant identity aligns with Musk’s vision for a free speech platform.

“Free speech is the bedrock of a functioning democracy, and Twitter is the digital town square where matters vital to the future of humanity are debated,” Musk said in a statement Monday.