The price of Dogecoin increased by over 30% in a day after the "Dogefather" Elon Musk announced buying Twitter for $44 billion. After the news, Twitter's share rose 5.66% and currently trades at $51.
The news affected Dogecoin's price as well as it is known to be Musk's favorite cryptocurrency. Tesla CEO previously mentioned DOGE in his tweets.
Currently, Dogecoin is the tenth largest crypto, with a market cap of over $21 billion. The price of the coin is around $0.1626.
Dogecoin supporters hope that the purchase could boost the usage of the coin.
Musk posted several times on Twitter's service Twitter Blue. The platform offers the feature to allow users to add NFTs as their profile pictures. One of Musk's tweets suggested an option to pay in Dogecoin.
Please make it cheaper por Argentina. An entire family eats for $3 here.— SHERIFF ⭐ (@GonzaAbalos) April 10, 2022
In January, Tesla announced accepting DOGE for some merch.
Previously, Musk said that Dogecoin suits better for transactions than Bitcoin as BTC has a low transaction volume and high cost.