Twitter owner and CEO Elon Musk tweeted a picture of a Shiba Inu on Nov. 1, sending DOGE into a 22% rally in just 4 hours.
The meme coin has had a phenomenal week because of Musk’s acquisition of Twitter, with the token up by nearly 160% over the past week.
There have also been discussions on whether Twitter will integrate DOGE or crypto into the platform. Investors are hoping for this as it would mean a great spur in adoption.
Elon Musk’s latest tweet has stirred up the market again, tweeting a picture of a Shiba Inu. The social media post resulted in Dogecoin (DOGE) increasing by 22% in a span of just 4 hours, with the token continuing to rise.
Musk, who recently acquired Twitter amid much controversy, is known to be a supporter of Dogecoin, once even offering tips on how it could be improved. He labels himself as the “Twitter Complaint Hotline Operator” in his Twitter bio, which is his way of saying he’s in charge.
The tweet came out at 4:15 AM GMT, which was precisely when DOGE began rallying. The token is up nearly 6% in the past 24 hours and nearly 160% in the past week. The four-hour rally saw the price go from $0.12 to $0.1485 and is still pumping. As such, it has become the best performer in the market by a large margin.
The crypto community is speculating that the picture of Shiba Inu in a Twitter shirt next to a Halloween pumpkin is a sign of things to come. Some have gone so far as to say that he has hinted at accepting DOGE payments. However, Musk has only gone to the extent of saying that crypto might be considered for integration on the platform.
Regardless of whether DOGE or crypto will be integrated into Twitter, the former is going to see much massive action. It has on all occasions when Musk has tweeted about it in the past. He has also been sued by a Dogecoin investor.
Musk’s Controversies Aren’t Hurting DOGE
The crypto market might be experiencing some positive momentum thanks to Musk’s acquisition of Twitter. However, everything else surrounding the company has created a firestorm of headlines. That hasn’t stopped Binance CEO Changpeng Zhao from making Binance an equity investor in the takeover, doling out $500 million.
There was a lot of doubt about whether the acquisition would happen to all, which led to heated exchanges. After his arrival, a lot of executives were fired, and there appears to be a wholesale change to the team. Musk’s main gripe with Twitter is the bots, though the first major change instituted is the fact that verified accounts will require a $20 monthly payment.
None of the drama has deterred the crypto community from celebrating the acquisition. There is a near-universal appreciation for DOGE’s rise, with memes aplenty and calls for a new Twitter logo. Some, however, note that there may be heavy greed involved.
A New Era for Crypto?
The purchase of Twitter by Musk could herald a new era for the crypto market. It’s unclear whether the social media platform will integrate crypto payments, but it’s certainly more likely than before. The crypto market, meanwhile, will celebrate the fact that they have a crypto supporter at its helm.