Dogecoin's price got a boost that took it to its highest level in nearly two months, after Elon Musk bought a 9.2% stake in Twitter for $2.8 billion, making him its largest shareholder.
Elon Musk owns four times more shares than Twitter co-founder Jack Dorsey.
Citing NewsBTC, via shareholding, Dogecoin supporters hope Elon Musk will encourage the social media platform to use DOGE as a payment option and further integrate the meme-based cryptocurrency.
Elon Musk has integrated Dogecoin as a means of payment for the purchase of Tesla merchandise. This move when it pushed the price of Dogecoin jumped 15% to US $ 0.20.
The price of Dogecoin also shot up 8.36% on Monday (4/4), after the news that Elon Musk bought Twitter shares, from US$ 0.1431 to US$ 0.155. Its market cap was over $1.5 billion in less than an hour.
The day before Elon Musk's purchase of Twitter shares was revealed, some traders expected Dogecoin price to rise to $0.17-US$0.18 after breaking through resistance with bulls maintaining the $0.13 zone.
According to NewsBTC, Dogecoin could see a significant uptrend in the following days, if the bulls manage to push above the 200-day SMA price. Recent Musk-related events may well be a key factor for DOGE's continued rise.
Referring to CoinMarketCap on Tuesday (5/4) at 14.20 WIB, it had dropped to the level of US $ 14.2 after the price spike following Elon Musk's news, the price of Dogecoin was at US $ 0.1521 or up 5.40% in the last 24 hours. In fact, the price of Dogecoin had touched the level of US $ 15.5.
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