The famous entrepreneur Elon Musk caused a media hype at the beginning of the week. He bought Twitter shares in a big way. When the news broke, Dogecoin exploded in hopes that Twitter could implement the meme coin on the platform with Musk’s help.
Crypto News: Elon Musk buys Twitter and Dogecoin gains again
The trend looked positive for DOGE last week, but this trend was pushed further by the takeover of Twitter. The price is up more than 5 percent overnight.
Elon Musk had previously bought nearly 10 percent of the company, making it Twitter’s largest shareholder. Musk sold this investment in an attempt to bring “free speech” back to the social media platform. But will he hold the shares and actively influence the company’s policies?
Twitter’s stock promptly rose 30 percent, meaning that Musk would make millions in profit if he dumped it. However, optimists are hoping that Musk will make more purchases to take full control. Thanks to Musk’s affinity for the Dogecoin, the price of the meme coin spiked as well.