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As the price of DOGE rises, the Musk Effect strikes once more

Elon Musk influenced the price of Dogecoin (DOGE), which skyrocketed when the billionaire disclosed that he had become a shareholder in Twitter.

For a long time, Tesla and SpaceX CEO Elon Musk has been linked to DOGE prices. Despite not being directly connected with the memecoin project, this is the case.

This week, the price of DOGE soared by more than 10%. The currency meme reached at $0.1570, the most since February 13, according to CoinGecko data.

This time, the ‘Musk Effect’ is due to Elon Musk’s purchase of around 10% of Twitter’s stock. The entrepreneur currently holds more than 73 million shares worth $2.9 billion in the company.

He holds more shares than Jack Dorsey, the social network’s co-founder and former CEO.

What impact does Musk’s purchase of Twitter shares have on memecoin, Doge?

DOGE’s valuation following Elon Musk’s investment announcement on Twitter, as in other examples, is even more unreasonable and speculative. Neither the entrepreneur nor the social media platform have said anything regarding the billionaire’s future involvement in the company’s decisions.

He made a name for himself by criticizing the use of NFTs as profile images, in addition to commenting on cryptocurrencies. He polled his followers, asking if the social media platform is a free speech zone; 70% of them responded no.

DOGE supporters speculate that the memecoin will be integrated into Twitter’s payment and tip system. Twitter currently accepts Bitcoin (BTC) and Ethereum (ETH) (ETH).

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