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The Dogefather bites back: Musk Twitter acquisition drives DOGE rally

03 Nov, 2022

The crypto market perked up this week following the news that Tesla CEO and self-appointed Dogefather Elon Musk had finally acquired the social media platform Twitter for $44 billion. This turn of events created a predictable buzz on the network, with supporters and detractors all tweeting their opinion of the new boss. Naturally, though, the Twitter crypto community broadly welcomed the presence of a prominent crypto supporter like Musk at the helm.

Musk's first day as Twitter boss, or 'Chief Twit' as he later called himself in his Twitter bio, started out with the typical trollish humour that the South African billionaire has become known for, with staged pictures of fake fired employees. Previously, Musk had publicly floated the idea of firing 75% of Twitter's staff (several thousand people) but does not appear to have followed through on this as of 3 November.

Musk can be a divisive figure in the crypto community and the wider culture, but the fact remains that he is closely associated with the crypto and web3 industries in the public eye, and his activity tends to have an effect on the market, not least with the popular meme token Dogecoin (DOGE).

Dogecoin has its day

Musk also decided to celebrate his Twitter acquisition by posting a photo of a Shiba Inu dog in a Twitter T-shirt, letting his followers know that he still backs the canine-themed crypto. In fact, Dogecoin trading picked up over the weekend to see DOGE reach a market capitalisation of over $10 billion, overtaking Cardano (ADA) in the crypto rankings. The price of Dogecoin increased by over 150% from $0.0594 to around $0.15.

Musk has previously hinted at the possible integration of Dogecoin into Twitter, for example, as a payment system for tips, subscriptions, and user verifications on the social media platform. The tech billionaire has even suggested — likely jokingly — charging a flat rate of 0.10 DOGE per tweet.

Other doggy-themed meme coins, such as Shiba Inu (SHIB) and Floki Inu (named after Elon Musk's own Shiba Inu dog), rode on DOGE's coattails. Traders should note that the success of these coins is often correlated. However, caution should also be exercised, as Musk's acquisition of Twitter was also followed by a wave of freshly minted shitcoins looking to exploit the hype, with names like 'BabyDogeTwitter', 'dogenaldtrump', 'SpaceTwitterDoge' and 'ElonDogeTwit'. 

Trade DOGE, SHIB and more on StormGain 

Dogecoin's recent rally has shown that the plucky pooch has earned a place in the crypto market, so long as the Dogefather still exerts his influence in the tech sphere. While we wait to see if it is, indeed, realistic to implement DOGE as a payment system on the popular microblogging platform, the canine cryptos will continue to be hot commodities on the trading floor. For a balanced trading portfolio of Bitcoin (BTC) or any of the 50+ top-performing altcoins, you can find the best conditions on StormGain. StormGain offers the SHIB/USDT and DOGE/USDT pairs, as well as the opportunity to trade SHIB/DOGE against each other. StormGain users also benefit from unique features, such as a free Bitcoin cloud miner and the ability to earn interest on your crypto wallets.

Available on the web or as an easy-to-use smartphone app, StormGain gives you the tools you need to succeed in the fast-paced crypto market, including built-in trading signals and low commission rates. If you're not a StormGain client yet, sign up in just a few seconds and try our demo account to find out what the best crypto platform on the net can offer you.

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