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Will Elon Musk’s Twitter Takeover Continue To Push Dogecoin Price Up?

By Anna Peel. Originally published at ValueWalk.

Dogecoin

Are meme coins set to explode again, while bitcoin is set to slip?

Tammy Da Costa, Analyst at DailyFX comments:

Hate him or love him but there’s no doubt that Elon Musk is one of the greatest influencers and innovators of the 21st century. With his extravagant ideas and his ‘subtle’ innuendos, Tesla’s CEO and founder of SpaceX also played a major role in promoting the adoption of Bitcoin as a means of payment, driving the price of the original crypto just below the 65,000 handle in April last year. Shortly after reaching this mark, Musk criticized the coin’s energy consumption, removing it as an alternative payment method for Tesla.


Q1 2022 hedge fund letters, conferences and more

Dogecoin Soar

While this sent shockwaves through the crypto realm, Dogecoin (the cryptocurrency that was originally created as a joke in 2013) soared as the self-proclaimed ‘Dogefather’ displayed optimism over the meme coin. Although Bitcoin remains in the lead as the largest cryptocurrency (in terms of market cap), the scarcity and limited amount of coins could support its perceived intrinsic value, for now, the environmental implications could limit Bitcoin’s gains.

Meanwhile, with Musk successfully acquiring Twitter, Dogecoin surged over 20%, once again illustrating the entrepreneur’s ability to move markets through social media. With a current Twitter following of 87.8 Million, Dogecoin could continue to rise if the decision to implement the coin as a payment method increases institutional interest. With thousands of cryptos now available to trade, the blockchain is where the ‘value’ lies. For Bitcoin, the mining process continues to require more energy as the blocks get closer to their final stage (meaning that 21M BTC coins have been created), however, if Dogecoin is able to complete transactions faster and in a more environmentally friendly manner then the coin may receive more institutional interest in the future.


About DailyFX

Launched in 2002, DailyFX.com, the free news and research website from IG, is one of the world’s leading sources for news and analysis on the currency, commodity and index trading community.

DailyFX analysts report every day on the latest changes in the financial markets, providing timely fundamental, economic and technical analysis and a close examination of promising chart formations with live currency quotes. DailyFX.com also provides analysis of market moves, explaining economic, political, and technical factors driving the market.

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