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Why Is the Dogecoin Crypto Up 16% Today?

  • Dogecoin (DOGE-USD) is rising thanks to news of Elon Musk purchasing Twitter (TWTR).
  • Musk has been a proponent of DOGE over the years.
  • This has DOGE gaining as investors see his purchase as a win for the crypto.
Dogecoin - Why Is the Dogecoin Crypto Up 16% Today?

Source: Wollertz / Shutterstock

Dogecoin (DOGE-USD) is climbing higher on Thursday as fans of the meme token celebrate Elon Musk completing his purchase of Twitter (NYSE:TWTR).

Investors in Dogecoin are taking a victory lap today with Musk securing his control of the social media company. Musk has been a long-time fan of Dogecoin and the crypto has a large following on Twitter. That helps explain why it’s rising today alongside the Twitter acquisition news.

Adding to this, Musk changes his Twitter bio recently to reflect his purchase of the social media platform. Now it simply reads “Chief Twit.” In addition to that, Musk made a trip to Twitter’s headquarters yesterday. He did so while carrying a sink, as a pun on “let that sink in.”

Crypto Is Coming to Twitter

But there’s more to it than just that. Recent rumors also claim that Musk is interested in expanding the crypto capabilities of Twitter. That includes plans for a crypto wallet that is reportedly in its prototype stage of development.

All of this news has Dogecoin fans excited today with increased trading of the crypto. As of this writing, trading volume is up 151.2% over the prior 24-hour period. That’s also pushing the price of the token higher with DOGE up 16% over the previous 24-hour period as of Thursday morning.

Crypto fans looking for more recent market news are in the right place!

We’ve got all of the latest crypto news that traders need to know about on Thursday! Among that is what has cryptos to buy before a boom, a potential catalyst for crypto, as well as one altcoin to consider taking a stake in. You can find all of that at the following links!

More Thursday Crypto News

On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.


Article printed from InvestorPlace Media, https://investorplace.com/2022/10/why-is-the-dogecoin-crypto-up-16-today/.

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