Dogecoin Rallies on News About Musk’s Twitter Stake

Dogecoin’s DOGE has surged about 10% to over $0.156 after the SEC filing revealed that Tesla CEO Elon Musk holds a 9.2% stake in Twitter Inc. worth $2.88 billion.

The meme token jumped from $0.143 after the news went public at 10.30 UTC before retracing to $0.154. 

The positive sentiment also caused the price of Shiba Inu, another meme token, to increase by 5%.

Tesla began accepting DOGE payments for its online products at the start of the year. Musk has more than 73,486,938 of the common stock of the social media company.

The billionaire has been enthusiastic about Dogecoin, having announced in 2021 that he was collaborating with the project developers to improve the network. The token surged 22%.

The executive also tweeted that it was crucial to adopt a proposal to reduce dogecoin transaction fees to make the protocol competitive.

Source: Coindesk

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