Dogecoin (DOGE) jumps 20% on news of Musk Twitter (TWTR) deal

Published , by Ozzie Mejia

Elon Musk's purchase of Twitter is starting to affect markets in other areas. The cryptocurrency market has reacted to Musk's purchase of the social media account positively with Dogecoin's value increasing by as much as 27 percent following the announcement.

Why would Dogecoin be affected by what's happening with Twitter? Recall that Dogecoin is one of the many topics that Elon Musk has tweeted about in the past and has been one of his personal favorite cryptocurrencies. Musk announced late last year that Tesla would begin accepting Dogecoin, months after the Dogecoin team revealed that they had been working with Musk since 2019.

For those who missed the news of Twitter's acquisition earlier, here's Musk's statement on the subject:

Free speech is the bedrock of a functioning democracy, and Twitter is the digital town square where matters vital to the future of humanity are debated," said Mr. Musk. "I also want to make Twitter better than ever by enhancing the product with new features, making the algorithms open source to increase trust, defeating the spam bots, and authenticating all humans. Twitter has tremendous potential – I look forward to working with the company and the community of users to unlock it.

While Dogecoin (DOGE) is at a 21.57 percent increase as of the time of this post, according to CNBC, Twitter (TWTR) stock ended with a more modest 5.6 percent jump. This is just the beginning of what will likely be a long news cycle with Elon Musk at the center of it. We'll continue monitoring this story at Shacknews, so keep it here for the latest updates.