Cryptocurrency Dogecoin DOGE/USD saw several periods of sharp increases in its price related to the $44-billion acquisition of Twitter by Elon Musk.
Considering Dogecoin's history with Musk, some investors expect the so-called "meme crypto" to become integrated into the social media platform.
Dogecoin might be my fav cryptocurrency," Musk said back in April 2, 2019. " Its pretty cool. In 2020, he posted a meme of Dogecoin passing the global financial system, claiming, Its inevitable.
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In May 2021, Musk even referenced Dogecoin while hosting an episode of Saturday Night Live. That month, Dogecoin enjoyed record highs, hitting $0.7475.
The price of Dogecoin has since dropped, yet Musk continues to show support for the digital asset. Several of his companies now accept Dogecoin as a payment option.
Im mainly supporting Doge. Doge has the memes and dogs and has a sense of humor and doesnt take itself too seriously, Musk said in a 2022 interview.
On April 3, 2023, six months after Musk took over Twitter, the Twitter logo changed from the blue bird to Kabosu, the dog pictured in Dogecoin's logo. This spiked the price of the cryptocurrency:
As promised pic.twitter.com/Jc1TnAqxAV Elon Musk (@elonmusk) April 3, 2023Investing $1,000 in Dogecoin The price of Dogecoin rose significantly after the Twitter deal was completed in October 2022. Investors who bought Dogecoin after Musk first announced his acquisition of Twitter in April 2022 would be down on their investment. Investors who bought the cryptocurrency in October 2022 after Musk announced his acquisition attempt for a second time did much better. Dogecoin hit a high of $0.066252 on Oct. 4, 2022. A $1,000 investment in Dogecoin at its daily high could have purchased 15,093.88 DOGE. The $1,000 investment would be worth $1,444.94 today based on a price of $0.09573 for DOGE at the time of writing a gain of 44.5% in six months since the acquisition of Twitter was completed.
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