Elon Musk bought Twitter and the so-called meme coins did their thing. Fans of Elon Musk triggered the strong momentum of a cryptocurrency in honor of the purchase of the social network, named Elon Buys Twitter (EBT), and it soared more than 6000%. Dogecoin, for the second day in a row soars 30%.
Elon Buys Twitter (EBT) soared more than 6800% after news of Elon Musk’s acquisition went viral. On the second day of that event, according to figures from CoinMarketCap, the cryptocurrency is still up over 200%. The initiative is a meme coin or meme cryptocurrency, which has no real underpinning to its price and is based entirely on some kind of viral joke on social networks. Its price seems to be entirely guided by the news about the deal between Twitter and Musk, who offered US$44 billion to acquire the social network.
According to CoinMarketCap, the price of EBT at the moment of writing is US$0,000003 with a 24-hour trading volume of US$3.968.056. It is currently ranked number 2963, the circulating supply is not available and the maximum supply is 999.999.999.999 EBT coins.
However, Dogecoin is more attractive to an investor. The cryptocurrency soared 30% on Monday and on Tuesday, it also managed to position itself in the top 10 cryptocurrencies with the largest market capitalization with another 30% rise. It started as a joke about this type of assets and was created by software engineers Billy Markus and Jackson Palmer in late 2013. In 2021, the world’s richest person, Elon Musk, nudged DOGE on Twitter after which the price of the token skyrocketed.
“A lot of people I talk to on the production lines at Tesla or building rockets at SpaceX have DOGE. They are not financial experts or Silicon Valley technologists. That’s why I decided to support DOGE. It seemed like the people’s cryptocurrency to me,” Musk said.
Musk stated he personally owns three cryptocurrencies: Bitcoin, Ethereum and Dogecoin. Every time he tweets about DOGE, the price tends to go up. The price also went up when Time magazine chose Musk as person of the year 2021.
The beginning of 2022 was difficult for cryptocurrencies and most of these assets are still in correction from the highs recorded by Bitcoin and Ethereum of November 10, 2021.
Since the beginning of the year, this cryptocurrency has maintained the downtrend. On February 8, DOGE was trading at less than a quarter of the level reached in May. However, its market capitalization still places it among the top 10 cryptocurrencies in the asset class.The price of Dogecoin at the moment of writing, according to CoinMarketCap, is US$0,141312 with a 24-hour trading volume of US$4.942.335.091, a live market cap of US$18.747.982.371 and a circulating supply of 132.670.764.300 DOGE coins.