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    Dogecoin Is Up Again Thanks to Musk

    Dogecoin and Elon Musk's Twitter stake

    On Monday, the price of the popular cryptocurrency DOGE rose from $0.143 to more than $0.156 minutes after it was revealed that US entrepreneur Elon Musk has taken a 9.2% stake in Twitter. 

    Amid the news, the price of the token increased by 10%. At the time of writing, the price has dropped to $0.1503.

    Dogecoin growth because of Elon Musk.

    DOGE has a reputation of being Elon Musk's favorite cryptocurrency. Earlier, Musk said that Dogecoin, unlike other cryptocurrencies, had “memes and dogs” that make it stand out. 

    Mask is a long-term supporter of cryptocurrency. Last February, he named Dogecoin "the people's currency." Musk posted a picture of Rafiki, the monkey from Lion King, holding the Dogecoin dog in his hands.

    Another picture the businessman posted to his Twitter page showed a Falcon 9 rocket being launched next to the moon with the caption "Doge". Mask’s Twitter activity resulted in boosting DOGE’s value by more than 50%.

    In March 2021, Tesla CEO announced that the company would start accepting payments in BTC. However, two months later, the idea was temporarily dropped due to cryptocurrency mining leading to a rapid increase in the use of fossil fuels.

    Last October, Musk revealed that he holds Bitcoin, Ethereum, and Dogecoin in his wallet, whereas many Tesla and SpaceX employees stick with Dogecoin.

    Moreover, in December 2021, Tesla announced that customers would be able to purchase some of the company’s products with DOGE, resulting in positive value growth for the asset.

    Mask decided to buy shares in Twitter after he asked his followers whether the social media company respects freedom of speech. 

    Around 70% of respondents said that Twitter neglected this principle. 

    The social media company is currently exploring new possibilities of introducing a decentralized model. At the end of last year, Twitter formed a specialized team designed to explore the field of decentralized technologies and their implementation into the infrastructure of the social network.