Elon Musk has been very supportive of cryptocurrency as an alternative to centralized currency. In fact, his company Tesla offers customers an option to pay for products via Dogecoin. Now that the billionaire is the new owner of Twitter Dogecoin is reaching new heights.

The popular meme coin Dogecoin has jumped more than 25% in the past couple of hours following reports that Twitter was expected to reach a deal with Tesla and SpaceX CEO Elon Musk on Monday.

Musk’s support of Dogecoin has been very straightforward on his Twitter account and those around the crypto scene are well aware of how this has led the coin’s value to reach the moon. It seems Dogecoin will reach a new high now that the richest supporter of the cryptocurrency owns one of the biggest social media platforms on the planet.

Dogecoin holders are hoping that the long-time backer for the Shiba Inu-themed token, could boost its usage to the levels of Bitcoin and Ethereum. Musk has also teased he will accept Dogecoin as a mode of payment for Twitter’s about to be launched premium service.

The value of Dogecoin is only going to surge in the coming hours and days. The token reached its all-time high in May 2021 and it’s only a matter of time that it surpasses it’s previous milestone.

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Tags: Elon Musk
Bhupen Dange

Bhupen is a freelance writer for Ringside News and Thirsty For News; he is pursuing further studies in Computer Science. Since high school, he has actively participated in athletic activities, and when he is not playing video games, he spends his time in the gym training, watching movies, and walking his dog outside.

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