Dogecoin, the meme-inspired altcoin that has been intrinsically linked to Tesla and SpaceX chief executive Elon Musk, saw its price skyrocket to around 8 cents on Thursday.
The price rally, nearly 40 percent of its value in a two-day period, comes after tech blogger Jane Manchun tweeted that Twitter could create a wallet for storing and trading cryptocurrencies.
Twitter is working on a “wallet prototype” that supports “crypto deposit and withdrawal”
— Jane Manchun Wong (@wongmjane) October 24, 2022
The news was announced amid Musk’s contentious but successful purchase of Twitter for $44 billion, and in April hinted at using Dogecoin for payments as its Twitter Blue subscription.
The news triggered the 30 percent price hike to $0.17, but later nosedived to roughly $0.05 by June due to Musk backing out of the deal and Twitter suing the tech magnate, which Musk won.
Changing his social media bio to “Chief of Twit,” he visited the Twitter headquarters in San Francisco later on Wednesday this week.
Entering Twitter HQ – let that sink in! pic.twitter.com/D68z4K2wq7
— Elon Musk (@elonmusk) October 26, 2022
The maverick billionaire’s latest move comes amid negotiations to take over Twitter after winning the multibillion dollar bid in April.
The news has sparked a sharp rise in cryptocurrency prices. Bitcoin (BTC) recently saw a massive surge to over $20,000 last week, and Ethereum also rose 20 percent to $1,575.29 on Wednesday.
News of a successful buyout could see further jumps in value with speculators anticipating the CEO to launch his DOGE integrations on Twitter.
