The uptrend continued this week. The famous MèmeCoin started the week on a 2% increase in the early hours of Monday morning before receding slightly for the rest of the day. Today, Tuesday, its price recorded a rise of 5.67% at the time of writing.
In this article, we are going to focus on the reasons behind the rise in the price of Dogecoin.
Why is the price of Dogecoin (DOGE) rising?
Dogecoin has been in the spotlight for a variety of reasons. However, one of them stands out and that is his association with the founder of SpaceX and Tesla, Elon Musk. Musk has been a big advocate for crypto and one of his companies, Tesla, now accepts $DOGE as payment for its goods.
Yesterday, Monday, April 4, 2022, Elon Musk purchased 73,486,938 shares of Twitter worth approximately $3 billion, making him Twitter’s largest shareholder.
Elon Musk is already making Twitter a better place pic.twitter.com/9rTgRXoYTe
– Zero HP Lovecraft 🦅🐍 (@0x49fa98) April 4, 2022
Before that Musk had criticized Twitter for transparency and free speech issues.
Since Twitter serves as a de facto public square, failure to adhere to the principles of free speech fundamentally undermines democracy.
What should be done ? https://t.co/aPS9ycji37
— Elon Musk (@elonmusk) March 26, 2022
The tweet criticizing Twitter came after Elon conducted a poll asking people if they believe Twitter strictly adheres to the principle of “Freedom of speech is essential to a well-functioning democracy.” »
Freedom of expression is essential to the proper functioning of a democracy.
Do you think Twitter strictly adheres to this principle?
— Elon Musk (@elonmusk) March 25, 2022
Tips from $DOGE on Twitter
After Elon Musk bought shares of Twitter and became the company’s largest shareholder, the Twitter community went wild with most people suggesting that Musk was to be expected. features $DOGE tips on Twitter.
Elon Musk bought a massive 9.2% stake in Twitter, making him the company’s largest public shareholder.
– Free expression and open dialogue
– Fewer crypto spam bots
– A #Dogecoin tip jar!
— 💸💸💸💸 (@itsALLrisky) April 4, 2022
The idea that since Elon Musk owns Dogecoin and has now bought Twitter, he might try to integrate the two has garnered a lot of attention for Dogecoin, leading to an increase in trading volume and a rise in its price.
Twitter ventures into dApps
Elon’s purchase comes at a time when the platform is venturing into decentralization. Last year, in November, Twitter announced that it had launched a dedicated cryptocurrency team that will direct all its energy towards Twitter ventures into the dApps space.
Tess Rinearsonhead of Twitter Crypto, has been given responsibility for setting the strategy for the future of crypto on Twitter, as the team strives to explore how to integrate decentralized technology and its infrastructure.
All of these developments come amid crypto enthusiasts’ push for decentralized social media platforms.
A thought experiment written by Orange Paper showed that if the invention of Bitcoin predated that of Twitter, then the evolution of Twitter would have followed the path of cryptographic decentralization long ago.