AUS
NZ
UK
CA
USA
FRA
GER
ESP
ITA
NLD
PRT
SWE
GRC
IND
POL
BRA
ZAF
RUS
CHN
UAE
Highlights
- At the time of drafting this article, the price of Dogecoin had jumped 27.1 per cent.
- After recording the price and volume surge, Doge became the 10th most valuable cryptocurrency.
- Currently, the market cap of Doge has increased to approximately US$ 21.2 billion.
The price and volume of Dogecoin (DOGE) have skyrocketed after 'Dogefather' Elon Musk bought microblogging platform Twitter in a deal reportedly valued at US$ 44 billion.
At the time of drafting this article, the price of Dogecoin had jumped 27.1 per cent, and it was trading at US$ 0.1617 per token. Meanwhile, the 24-hour volume had catapulted over 900 per cent to US$ 6.3 billion.
After recording the price and volume surge, Doge became the 10th most valuable cryptocurrency worldwide, according to CoinMarketCap data. Currently, the market cap of Doge has increased to approximately US$ 21.2 billion.
Elon Musk buys Twitter, Doge and the crypto market soars
The Tesla founder and chief executive officer, Elon Musk, is known for his innovations worldwide. However, he also plays a role of an influencer in the crypto space as his statements or the slightest of indications are capable of disrupting the crypto market.
After declining rapidly over the past few days, the crypto market started recovering after it was announced that Mr Musk had officially bought Twitter.
Also Read: What is Dallas Cowboys crypto? All you need to know
It appears that the fans of the Tesla boss are rejoicing over this development. On April 25, Elon Musk bought Twitter for about US$ 44 billion at US$ 54.2 per share.
The move came after he had announced his takeover bid on April 14. The Tesla CEO said that he bought Twitter to improve it by adding new and enhancing its existing features. Also, to support free speech as Mr Musk believes it is the bedrock of a functioning democracy.
Notably, after the deal went through, former CEO and founder of Twitter, Jack Dorsey, said that Elon Musk is a 'singular solution' for the microblogging platform.
©2022 Kalkine Media®
Bottom line
The overall cryptocurrency market has recorded a surge after many days, and at 3 AM EST, the global crypto market cap was up about four per cent to US$ 1.86 trillion.
Also, the total crypto market volume had jumped 38 per cent to reach US$ 98.05 billion. The world's two major cryptocurrencies, Bitcoin and Ethereum, were up 4% and 5.4% over the previous day.
As the crypto market is a volatile place, it is difficult to say whether the Doge rally would continue or not. Hence, it is advisable to research and assess your risk capacity before buying any cryptocurrency.
Also Read: Zilliqa (ZIL) crypto soars amid rising market. Here's why
Risk Disclosure: Trading in cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory, or political events. The laws that apply to crypto products (and how a particular crypto product is regulated) may change. Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading in the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed. Kalkine Media cannot and does not represent or guarantee that any of the information/data available here is accurate, reliable, current, complete or appropriate for your needs. Kalkine Media will not accept liability for any loss or damage as a result of your trading or your reliance on the information shared on this website.
