Dogecoin Spikes as Elon Musk Becomes a Major Shareholder of Twitter

Dogecoin, the meme coin that managed to create frenzy in the cryptocurrency community last year, has been undergoing another bullish wave. The main driving force behind this latest price rally is the news of Elon Musk joining the Twitter board after he acquired a majority share in the company. Musk started by posting a suggestive poll on his Twitter profile.

Regardless of the poll results, he announced this week that he now holds 9.2% of Twitter shares. Messari data services recently shared that following the news, Dogecoin prices surged by 11%. Media reports have revealed that the Twitter board contract binds him not to increase his TWTR shares by more than 14.9%. Newly appointed Twitter CEO Parag Agarwal recently posted a new tweet to show his enthusiasm and excitement about the new venture.

In his welcoming tweet, Agarwal claimed that board members are confident that he is going to bring more value to the platform with his influence. Replying to Agarwal, Musk responded that he is planning to make big changes to the platform in the upcoming weeks. With the addition of SpaceX’s CEO, the Dogecoin proponents are showing enthusiasm.

Musk is responsible for introducing Dogecoin to the international cryptocurrency community. Many claims that the meme coin can be added to the Twitter platform list of tipping jar currencies like Bitcoin and Ethereum.

Dogecoin Pumps are Not Likely to Happen, Says Bob Iaccino

Bob Iaccino is CSO at Path Trading and also a part of the Stock Think Tank. During a recent interview, he claimed that Dogecoin pumps are not likely to happen. He further claimed that due to Musk’s new position as Twitter CEO, it would be nearly impossible for him to use the social media platform to use it for any type of crypto market-related influence.

Iaccino said that Musk filed a 13G form with the Securities and Exchange Commission, citing his 5% Twitter share acquisition. He further explained that if Musk plans to make changes or influence the stock issuer, he should have opted for a 13D form filing. Coindesk data indicate that Dogecoin prices have been up by 30.6% in the last 30 days.

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