Following Elon Musk’s Twitter deal, Dogecoin is enjoying a massive rally. The memecoin is now the largest by market capitalization. According to reports, Musk is considering the possibility of integrating DOGE into his company’s products.
A Twitter deal is an excellent way to boost the price of a cryptocurrency. Twitter users can send messages to one another, buy and sell products, and make payments. They can even call a cab on the platform. Musk also promised to restore free speech on Twitter, and he has promised to reinstate accounts and world leaders that have been banned. He added that the company will create a content moderation council to monitor the content on the site. He also pledged to ensure that no major decisions will be made until the council convenes.
On the day after the news broke, Dogecoin price spiked by 8.36%, and the market cap grew by over $1.5 billion. It was anticipated that DOGE will continue to rally, and traders were predicting a rally to $0.17-$0.18. However, the bulls were able to defend the $0.13 zone, and DOGE is currently trading at $0.155.
Since Elon Musk owns almost 4% of Twitter, it is safe to assume that the value of his stake increased in the company. This deal signals that Musk has an interest in Twitter’s future and that he could change the company’s policy as desired by his followers. After all, many of Musk’s followers are Dogecoin supporters.