Dogecoin Rises Another 7% After Elon Musk Joins Twitter Board

Dogecoin rises another 7% after Elon Musk joined the Twitter board due to the purchase of a 9.2% stake in the company so let’s take a closer look at today’s latest Dogecoin news.

The Doge co-founder Billy Markus said that this was great news after Twitter CEO Parag Agarwal announced that Musk joined the social media’s platform board of directors. Dogecoin rises another 7% as it reacted positively to the news. The leading meme coin is trading at over $0.16 and its market cap is over $21 billion. The week-long rally has been even more impressive and the coins as trading at $0.14 by the end of march which marked a 21% increase.

Despite the bullish surge, DOGE is still down from its ATH from back in May 2021 of $0.73. at that time, the crypto joined a few other meme stocks like AMC and Gamestop in one of the biggest bull runs in history. The biggest reason behind DOGE’s rise is the project’s close ties with Elon Musk and the strong influence he has on the price of DOGE which he often reminds us of on Twitter.

I’m excited to share that we’re appointing @elonmusk to our board! Through conversations with Elon in recent weeks, it became clear to us that he would bring great value to our Board.

— Parag Agrawal (@paraga) April 5, 2022

Musk purchased a 9.2% stake in Twitter as per an SEC filing and the filing indicated that the Tesla chief purchased 73,486,938 TWTR shares at $39.31 which totaled $2.9 billion. Twitter’s CEO also announced a day later that Musk joined the board of directors saying:

“He’s both a passionate believer and intense critic of the service, which is exactly what we need on Twitter.”

By joining the board, Musk agreed that he will not purchase more than 14.9% and take over the majority of the company.

Yesterday we saw that, Following the Elon Musk announcement that he purchased a stake in Twitter, DOGE increased by 5% while BTC failed to conquer $47,000 and dipped a few thousand dollars to $45,000. most other altcoins remained calm while DOGE was the biggest gainer and saw a 5% increase that pushed the coin above $0.15. most alternative coins calmed down after the enhanced volatility that we saw last week. ETH for exampel dropped to $3300 before the bulls were able to come back and push to a three-month high above $3550. ETH remained around the same level and now sits above it after a smaller increase on a daily scale.