After a long period of time, the Dogecoin price finally moved above $0,15 and fans, as well as retail investors, are excited again. It might be a coincidence but the recent hike of DOGE could be influenced by Elon Musk. According to an SEC filing, he has bought a huge stake in Twitter’s stock.
What is the “Dogefather” up to this time? And will Dogecoin see its old glory and visit the moon again?
Elon buys 9,2 % of Twitter's shares
It was in March when Musk was publicly musing about free speech and even announced that he would like to create his own social media platform where no one has to be afraid to get censored. It seems that the richest man on earth has taken interest not only in competing with Twitter but also would like to own a piece for himself.
According to an SEC filing Musk has bought 9,2 % common stock of Twitter weeks before he engaged in the discussion about whether Twitter is undermining democracy or not. It remains open if he likes to stir the wheel of the social media powerhouse into a different direction or simply likes to get invested in this company.
The Dogecoin community felt also happy. Apparently, the stake that the Dogefather has taken leaves room for speculation that he could turn crypto Twitter into Dogecoin Twitter.
Is DOGE ready to break out?
Like many other cryptos, Dogecoin has seen a hike recently and just sits comfy in a resistance area. Since no confirmation of a break-out has occurred at the time of writing it remains to be seen if DOGE continues to rally or simply falls back down to previous lows.
Interestingly enough the same can be said about Bitcoin looming in the area between $45.000 and $46.000. Therefore, another explanation for DOGE rising to its current level is not Elon’s most recent move rather than DOGE being a little bit late to the party.
Other altcoins already made the move towards resistance over the weekend, with Solana showing a stunning performance and others like Ethereum also moving up slowly but steadily. After all, it seems a little bit farfetched that buying a company’s stock would increase the price of Dogecoin. In fact, Musk could do this as he did it several times over the last two years. Tweeting about his favorite investment has done the trick time and time again.