coindesk.com
Dogecoin’s DOGE tokens spiked some 10% on Monday as Elon Musk was revealed to hold a 9.2% stake in social media company Twitter Inc (TWTR), worth around $2.88 billion.
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Data shows that DOGE jumped from $0.143 to over $0.156 several minutes after the reports of Musk’s stake came out at 10:30 UTC. At the time of writing, prices fell slightly to $0.154.
DOGE jumped to daily highs of $0.156. (TradingView)
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The bump had a correlated effect on some other memecoins. Shiba Inu’s SHIB jumped 5% alongside the move in DOGE.
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Musk holds over 73,486,938 of common stock in Twitter, valued at over $2.89 billion at current prices as reported.
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Musk is one of the most famous backers of cryptocurrencies. His electric car company Tesla reportedly held over $2 billion worth of bitcoin “at the end of 2021.” Tesla additionally started accepting bitcoin for its cars in 2021 but later ended the project citing climatic concerns.
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Tesla also accepts DOGE payments on its online merchandise store. The news had previously sent prices of DOGE flying 11% in January.
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Musk has previously lent support to dogecoin development and adoption. A May 2021 tweet saw Musk state he was working with dogecoin developers to improve system efficiency. This dogecoin prices flying by 22%.
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Then in June 2021, he tweeted it was “important to support” a proposal that sought to reduce dogecoin fees – one that would make dogecoin more competitive compared to other cryptocurrencies.