The price of Dogecoin is constantly influenced by the actions of billionaire Elon Musk. Following Tesla CEO’s purchase of Twitter, DOGE’s value skyrocketed. As it endured the general market decline, DOGE broke above the $0.014 level, higher than the $0.01 which represented a resistance level.
Once again, a tweet from Musk sparked this new Dogecoin rally as a few members of the crypto meme community predicted.
Elon Musk influences the price of Dogecoin
As we have seen over the past few years, Elon Musk’s outings on Twitter have a direct bearing on the value of Dogecoin. His recent publication also had a big impact.
The American billionaire shared an image in which we see a Shiba Inu, the dog that serves as the mascot of crypto memes. The dog wears a shirt and a pumpkin both with the Twitter logo.
This post helped ignite the Dogecoin community on the blue bird network. No text has been added to the image, just a blinking smiley. This post has given way to an interpretation that keeps coming up in the comments.
Elon Musk could integrate Dogecoin into Twitter
The price of DOGE exploded for a particular reason. The rumors agree on one point: Elon Musk could integrate DOGE as a payment method on Twitter.
Investors flock to the token because chances are high that Musk will decide to integrate DOGE into Twitter. The Tesla CEO has spoken about this in the past when he said he wants Twitter users to pay Twitter Blue premium subscription fees with DOGE.
There are rumors that DOGE could also be used as a payment method for payment of a verification blue tick. This service could become paid for at a single price of $20 according to the same rumors after Musk took over Twitter.
Elon Musk accused of manipulating DOGE price
Adding DOGE to Twitter would only be a matter of time if rumors are to be believed. It is also very likely that the American billionaire will do what he promised. As proof, it is possible to pay for certain services and products of the car manufacturer Tesla with Dogecoin from its website.
This situation extended to Boring Company now also accepting cryptocurrency for Las Vegas Loop payment. This proves that Elon Musk has a strong influence on the acceptance of DOGE by a large number of companies.
However, this is not viewed favorably by everyone. Musk was recently the subject of a complaint against his companies SpaceX and Tesla for manipulation of the price of DOGE. A claim of $258 billion has been filed for this purpose.
The prosecution has decided to expand the trial against seven new investors and six new defendants for the same facts. Among the accused, we note the presence of Boring Co. which is Elon Musk’s tunnel construction company.
The complaint justifies the manipulation on the fact that Elon Musk contributed to the DOGE up over 36,000%, posting tens of billions of dollars in gains. Then it would have caused a crash, causing several investors to lose huge sums.