Dogecoin Surges Following Elon Musk's Twitter Acquisition News

[Image source=Yonhap News]

[Asia Economy Reporter Lee Jung-yoon] The price of Dogecoin surged after Elon Musk, CEO of Tesla, acquired Twitter. Dogecoin is a cryptocurrency created as a joke in 2013 by software developers Billy Markus and Jackson Palmer, symbolized by the Japanese Shiba Inu dog, which was a popular internet meme (a photo or video trending on the internet at the time).

According to the global cryptocurrency market tracking site CoinMarketCap, as of 9 a.m. on the 26th, the price of Dogecoin rose 19.14% compared to the previous day, reaching 15.78 cents (approximately 197 won).

The price of Dogecoin surged following the news of Musk's acquisition of Twitter. On the 25th (local time), Twitter announced it had agreed to be sold for $44 billion (approximately 55.11 trillion won), and some investors expect Musk to introduce a payment system using Dogecoin on Twitter. Immediately after the agreement, the price rose by more than 30%. Musk has consistently shown interest in Dogecoin and has enabled payment with Dogecoin for some Tesla products.

U.S. economic media CNBC explained, "Investors hoping Twitter will integrate more cryptocurrency features are watching whether Musk prioritizes this." At the end of last year, Twitter unveiled a tipping feature allowing users to send the representative cryptocurrency Bitcoin to creators. Earlier, Tomer Nunny, Chief Marketing Officer of blockchain company Cryptomon, told cryptocurrency media Coindesk, "There is speculation that advertisers might be able to pay for Twitter ads and other uses with Dogecoin."

Meanwhile, at the same time, Bitcoin's price also rose 2.39% from the previous day to $40,465 (approximately 50.53 million won). According to BitcoinTreasury, which collects Bitcoin holdings, Tesla holds 43,200 Bitcoins, the second-largest amount held in a single wallet. Nasdaq-listed company MicroStrategy owns the most Bitcoins with 129,218.

This content was produced with the assistance of AI translation services.