Cody McGrath 
Following the announcement of Elon Musk’s Twitter purchase Dogecoin jumped 13% and is now up 4% despite being down 8% since the start of the day
Dogecoin Price Spikes by 13%
Following the announcement of Elon Musk’s Twitter purchase, Dogecoin jumped 13% and is now up 4%, despite being down 8% since the start of the day.
Several cryptocurrency experts predicted such a sharp increase in price because Musk is a well-known Dogecoin supporter and enthusiast who believes in the memecurrency’s superiority over other projects.
Musk recently joined the Dogecoin developer in a discussion about how to improve Dogecoin and increase its adoption on the cryptocurrency market. Markus and Musk agreed that Doge should continue to grow and be adopted.
To increase Dogecoin’s utility, Markus encouraged more businesses to accept Doge as a payment method, which is a good use for the memecurrency’s low fees and quick transaction processing.
The second proposal was to use Doge as a tipping currency across a variety of platforms. While Markus did not mention Twitter as a possible location for Doge tipping, Musk may think about it now that he has control of one of the world’s largest social media platforms.
Musk previously announced his plans for Twitter, which include taking the company private, implementing a new verification system to combat spambots, and improving the platform’s usability.
Cardano Founder Reacts
Meanwhile, Charles Hoskinson, Cardano Founder and CEO of Input-Output Global (IOG), the firm in charge of conducting Cardano (ADA) research and development, reacted to reports that the Twitter board is considering Musk’s offer.
Hoskinson, Cardano founder, who had previously expressed interest in working with Musk on a decentralized social media platform, shared a gif on Twitter, indicating that he was enjoying the moment and pleased with the progress.
“I believe it is critical to have a welcoming environment for free speech,” Musk stated. “Twitter has essentially replaced the town square, and it’s critical that people have both the reality and the idea that they can talk freely within the law.”
— Elon Musk
Musk is considering purchasing Twitter in order to promote free speech on the platform while also eliminating spambots used by criminals to defraud cryptocurrency investors.
Musk recently stated that if his bid is accepted, he will wage war on Twitter bots and their creators in order to ensure that the platform remains safe for all users, including cryptocurrency investors.
Approval of the bid, according to Cardano Founder Hoskinson, would be a win for the cryptocurrency industry because it would reduce the number of cases of cryptocurrency scams, allowing the industry to gain favor with global regulators.