Dogecoin soars 25% after Musk acquires Twitter

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After the news that Tesla CEO Elon Musk, who has mentioned the cryptocurrency ‘Dogecoin’ several times, is taking over Twitter, the price of Dogecoin has skyrocketed. It is analyzed as a result of rising expectations that Twitter will incorporate Dogecoin.

On the 25th (local time), foreign media such as CNBC reported that Elon Musk had agreed to acquire Twitter for a total of $44 billion (about 55 trillion won).

According to CoinMarketCap, a global cryptocurrency average price aggregation site as of 3 pm on the 26th, Dogecoin is trading at about $0.16, up 25% over the past 24 hours.

dogecoin meme

In the domestic cryptocurrency trading market, the upward trend of Dogecoin was also evident. The Dogecoin price index, which is updated every day at 9 am based on market data of Upbit, Bithumb, Coinone, and Korbit, four exchanges operated by Waybridge in the KRW market, recorded 197 won on the 26th, up 18.7% from the previous day’s 166 won.

Musk has consistently shown that he wants to expand the use of Dogecoin, and it is estimated that the fact that he insisted on grafting Dogecoin on Twitter is leading to a rise in the market price.

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Musk introduced Dogecoin as a payment method for some Tesla products in December of last year, and in January of last year, he posted on Twitter asking McDonald’s to support Dogecoin payment.

After becoming the largest shareholder of Twitter in March, on the 10th, he argued that the payment option of Dogecoin, a virtual asset, should be added to Twitter’s paid service ‘Twitter Blue’.

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