Dogecoin Value Is Climbing Again Now That Elon Musk Owns Twitter
Elon Musk, the man who is officially Twitter's new CEO, has a long and often controversial history when it comes to cryptocurrency. There was that time Tesla started accepting Bitcoin, and then Musk's sudden reversal of the decision that left many crypto-enthusiasts angry. Perhaps more notable, however, was his time spent having fun with the meme coin known as Dogecoin, which is — as you've likely guessed — based around the Doge meme. The coin was never meant to have much value, but due to the attention it received from Musk, some people became very wealthy seemingly overnight.
Then there's the Twitter acquisition, which spent some time as a legal squabble that revealed some interesting info, including Musk's apparent belief that society needs "a new social media company ... that is based on a blockchain and includes payments." Twitter itself has a history of crypto-dabbling due to former CEO Jack Dorsey's interest in the digital money, and now some enthusiasts are hoping Musk will bring the two — crypto and Twitter — together in a big way. For some, their hopes are pinned on Dogecoin and the (unlikely) possibility that Musk may in some way tie it to his new social media company.
Dogecoin value is climbing, but don't get too excited
Dogecoin, which skyrocketed after getting some attention from Elon Musk, is once again climbing in value. The uptick is no doubt due to Musk's Twitter acquisition, with some hopeful — perhaps delusional — individuals speculating over whether the billionaire will turn Dogecoin into some sort of official Twitter coin. Based on data presented by CoinMarketCap, Dogecoin's particularly low value stabilized around May 2022 after months of a slow decline following its 2021 high. However, the value started climbing quickly when Musk announced that the Twitter deal had been finalized.
Back in 2014, Dogecoin was effectively worth nothing at about $0.0003 per coin. That hasn't changed much over the years — its all-time high reached only $0.74 (via CoinDesk), though that was quite substantial for the individuals who had amassed huge quantities of the meme coin. As of October 25, Dogecoin sat at a value of around $0.06 per coin, a figure that has climbed to around $0.13 as of October 31. That's still quite low, of course, and experts have regularly warned not to invest in the meme coin, the biggest reason being the essentially unlimited number of coins in circulation (via Analytics Insight).
That reality doesn't seem to be stopping some from picking up Dogecoin regardless in hopes that Musk will either directly or indirectly cause it to spike in value once again. It's hard to say what Musk may do — he is notoriously fond of sharing memes, and it's entirely possible he could give Dogecoin some renewed attention. However, it's also possible Musk may have no interest in returning to the meme coin, as he's currently facing a lawsuit over it (via Reuters).