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Seeking Alpha 2022-04-26 13:43:25

Dogecoin outpaces Bitcoin, Ether after Elon Musk strikes deal to buy Twitter

Meme token Dogecoin (DOGE-USD) is climbing more than 10% Monday morning after billionaire entrepreneur Elon Musk had reached a deal to acquire social media platform Twitter (TWTR) for $44B. By comparison, bitcoin (BTC-USD +3.2%) is rising modestly to $40K and ethereum (ETH-USD +3.5%) is drifting up to $2.95K. The global crypto market cap is increasing 3.3% to $1.85T at the time of writing. Given Musk's history of touting Dogecoin (DOGE-USD), the 10th largest digital token by market cap, its possible that the memecoin could play a role with Twitter's (TWTR) platform somehow. Recall Musk in mid-March said that he still owns and won't sell his Bitcoin (BTC-USD), Ether (ETH-USD) or Doge (DOGE-USD) positions. “Speculators have been buying dogecoin due to Elon’s obsession with the cryptocurrency, and hence the potential for dogecoin to be given more utility on one of the biggest social media networks once Elon has official control of the company,” GlobalBlock

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