This week, the cryptocurrency market was buoyed by news that Tesla CEO Elon Musk, the self-proclaimed “father of Dogecoin,” has finally acquired social media platform Twitter for $44 billion.

The development of the acquisition caused an expected stir online, with supporters and critics alike tweeting their thoughts on the new boss.

Of course, the Twitter crypto community generally welcomes a prominent crypto proponent like Musk at the helm.

Musk’s first day as Twitter’s boss (he later referred to himself as “Chief Twit” in his bio) began with the South African billionaire’s typically troll-like humour with a slew of fake layoffs.

Musk had previously said publicly that he would lay off 75% of Twitter’s workforce (thousands), but as of November 3, he didn’t appear to have done so.

Musk may be a divisive figure on the crypto community and broader cultural level, but the truth remains: He is closely associated with the crypto and web3 industries in the public eye, and his activities tend to have an impact on the market, especially popular The dog emoji token Dogecoin (DOGE).

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Dogecoin also has its day

Musk also posted a photo of a Shiba in a Twitter T-shirt to celebrate his acquisition of Twitter, letting his followers know that he still supports the famous Doge coin.

In fact, Dogecoin’s trading picked up over the weekend, with a market cap of over $10 billion, surpassing Cardano (ADA) on the cryptocurrency leaderboard.

The price of Dogecoin rose from $0.0594 to around $0.15, an increase of more than 150%.

Musk has previously hinted at the possible integration of Dogecoin into Twitter, for example: as a payment system for tipping, subscriptions and user verification on the social media platform.

The tech mogul even proposed a flat rate of 0.1 Dogecoin per tweet (probably joking).

Other dog-themed emojis like Shiba Inu (SHIB) and Floki Inu (named after Musk’s own Shiba Inu) are also taking advantage of Dogecoin.

Traders should note that the success of these currencies is often correlated.

But you should also act cautiously, because after Musk’s acquisition of Twitter, there has also been a wave of new junk coins that want to use this round of popularity to make a fortune, including: “BabyDogeTwitter”, “dogenaldtrump”, “SpaceTwitterDoge” and ” ElonDogeTwit”.

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Choose StormGain, trade Dogecoin, SHIB coin intelligently, and meet more possibilities

Dogecoin’s recent rally shows that as long as the “father of Dogecoin” remains influential in tech, the intrepid Dogecoin can earn its place in the cryptocurrency market.

While the viability of Dogecoin as a payment system on the popular microblogging platform remains to be seen, the Doge cryptocurrency will remain a hot commodity on the trading floor.

StormGain platform offers the best trading conditions, offering Bitcoin (BTC) and more than 50 other top altcoins to help you build a balanced and favorable portfolio.

StormGain offers SHIB/USDT and DOGE/USDT currency pairs, as well as the opportunity to trade SHIB/DOGE directly.

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