{"id":1715765,"date":"2022-10-29T07:25:39","date_gmt":"2022-10-29T11:25:39","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1715765"},"modified":"2022-10-29T07:33:39","modified_gmt":"2022-10-29T11:33:39","slug":"elon-musks-favorite-cryptocurrency-dogecoin-soars-after-twitter-takeover","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/elon-musks-favorite-cryptocurrency-dogecoin-soars-after-twitter-takeover\/","title":{"rendered":"Elon Musk&#8217;s Favorite Cryptocurrency &#8220;Dogecoin&#8221; Soars After Twitter Takeover"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"float:left\"><div class=\"counts mashsbcount\">18<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Felon-musks-favorite-cryptocurrency-dogecoin-soars-after-twitter-takeover%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1715765&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><div><img decoding=\"async\" src=\"https:\/\/imageio.forbes.com\/specials-images\/imageserve\/635c22a1c26fa9d98215c7bc\/0x0.jpg?format=jpg&#038;crop=3543,1993,x0,y119,safe&#038;width=1200\" class=\"ff-og-image-inserted\" alt=\"image\" \/><\/div>\n<h2 class=\"topline-heading\">Topline<\/h2>\n<p>Amid a broader market rally, cryptocurrencies gained tens of billions in market value this week, partially fueled by a 40% gain for dogecoin because of Elon Musk, the world\u2019s wealthiest man and <a href=\"https:\/\/www.marketwatch.com\/story\/elon-musk-dubs-himself-the-dogefather-in-snl-promo-tweet-prompting-real-people-to-invest-actual-money-in-joke-crypto-11619633399\" target=\"_blank\" class=\"color-link\" title=\"https:\/\/www.marketwatch.com\/story\/elon-musk-dubs-himself-the-dogefather-in-snl-promo-tweet-prompting-real-people-to-invest-actual-money-in-joke-crypto-11619633399\" rel=\"nofollow noopener noreferrer\" data-ga-track=\"ExternalLink:https:\/\/www.marketwatch.com\/story\/elon-musk-dubs-himself-the-dogefather-in-snl-promo-tweet-prompting-real-people-to-invest-actual-money-in-joke-crypto-11619633399\" aria-label=\"self-proclaimed\">self-proclaimed<\/a> \u201cDogefather,\u201d completing his takeover of Twitter.<\/p>\n<div class=\"halfway_hardwall_1\"><\/div>\n<div class=\"article_paragraph_2\"><\/div>\n<h2>Key Facts<\/h2>\n<div class=\"key-facts\">\n<div class=\"key-facts-element\">\n<p>The crypto market was worth $1.05 trillion Friday, according to CoinGecko\u2019s <a href=\"https:\/\/www.coingecko.com\/en\/global-charts\" target=\"_blank\" class=\"color-link\" title=\"https:\/\/www.coingecko.com\/en\/global-charts\" rel=\"nofollow noopener noreferrer\" data-ga-track=\"ExternalLink:https:\/\/www.coingecko.com\/en\/global-charts\" aria-label=\"tracker\">tracker<\/a> of more than 13,000 cryptocurrencies.<\/p>\n<div class=\"halfway_hardwall_2\"><\/div>\n<\/p><\/div>\n<div class=\"key-facts-element\">\n<p>That\u2019s nearly a $100 billion increase since last Friday, surpassing the $1 trillion threshold Wednesday for the first time in six weeks.<\/p>\n<div class=\"halfway_hardwall_3\"><\/div>\n<\/p><\/div>\n<div class=\"key-facts-element\">\n<p>Bitcoin remains by far the largest cryptocurrency with a $396 billion market cap, according to <a href=\"https:\/\/www.forbes.com\/digital-assets\/traded-assets\/\" target=\"_self\" class=\"color-link\" title=\"https:\/\/www.forbes.com\/digital-assets\/traded-assets\/\" data-ga-track=\"InternalLink:https:\/\/www.forbes.com\/digital-assets\/traded-assets\/\" aria-label=\"Forbes\u2019 tracker of digital assets\" rel=\"noopener\"><em data-ga-track=\"InternalLink:https:\/\/www.forbes.com\/digital-assets\/traded-assets\/\">Forbes<\/em>\u2019 tracker of digital assets<\/a>, and its 7% jump to $20,639 drove most of the week\u2019s rise.<\/p>\n<div class=\"halfway_hardwall_4\"><\/div>\n<div class=\"vestpocket\"><\/div>\n<\/p><\/div>\n<div class=\"key-facts-element\">\n<p>But perhaps the most newsworthy was the ninth-largest coin by market cap, Dogecoin.<\/p>\n<\/p><\/div>\n<div class=\"key-facts-element\">\n<p>Dogecoin rose more than 40% to $0.085 over the last week, with nearly <a href=\"https:\/\/www.forbes.com\/sites\/ninabambysheva\/2022\/10\/27\/twitter-tale-wags-dogecoin-to-17-gain\/?sh=47d99c0a32b1\" target=\"_self\" class=\"color-link\" title=\"https:\/\/www.forbes.com\/sites\/ninabambysheva\/2022\/10\/27\/twitter-tale-wags-dogecoin-to-17-gain\/?sh=47d99c0a32b1\" data-ga-track=\"InternalLink:https:\/\/www.forbes.com\/sites\/ninabambysheva\/2022\/10\/27\/twitter-tale-wags-dogecoin-to-17-gain\/?sh=47d99c0a32b1\" aria-label=\"all of the gains\" rel=\"noopener\">all of the gains<\/a> coming since Wednesday as Musk\u2019s takeover of Twitter grew more certain.<\/p>\n<\/p><\/div>\n<div class=\"key-facts-element\">\n<p>Doge bulls believe Musk could integrate the coin into the social network, pointing to Musk\u2019s <a href=\"https:\/\/techcrunch.com\/2022\/09\/29\/elon-musk-texts-discovery-twitter\/\" target=\"_blank\" class=\"color-link\" title=\"https:\/\/techcrunch.com\/2022\/09\/29\/elon-musk-texts-discovery-twitter\/\" rel=\"nofollow noopener noreferrer\" data-ga-track=\"ExternalLink:https:\/\/techcrunch.com\/2022\/09\/29\/elon-musk-texts-discovery-twitter\/\" aria-label=\"texts\">texts<\/a> with his brother in which the billionaire suggests verifying users by charging fees paid in dogecoin to tweet.<\/p>\n<\/p><\/div>\n<\/div>\n<h2 class=\"subhead-embed color-accent bg-base font-accent font-size text-align\">Big Number<\/h2>\n<p>$11.5 billion. That\u2019s dogecoin\u2019s market cap as of Friday, a larger market cap than American Airlines.<\/p>\n<h2 class=\"subhead-embed color-accent bg-base font-accent font-size text-align\">Key Background<\/h2>\n<p>Musk helped inspire dogecoin\u2019s meteoric rise in 2021 amid the general meme trading mania, with the coin peaking at $0.69 last spring before crashing back to earth after Musk <a href=\"https:\/\/www.reuters.com\/technology\/dogecoin-spotlight-cryptocurrency-backer-musk-makes-snl-appearance-2021-05-07\/\" target=\"_blank\" class=\"color-link\" title=\"https:\/\/www.reuters.com\/technology\/dogecoin-spotlight-cryptocurrency-backer-musk-makes-snl-appearance-2021-05-07\/\" rel=\"nofollow noopener noreferrer\" data-ga-track=\"ExternalLink:https:\/\/www.reuters.com\/technology\/dogecoin-spotlight-cryptocurrency-backer-musk-makes-snl-appearance-2021-05-07\/\" aria-label=\"called it\">called it<\/a> a \u201chustle\u201d while hosting <em>Saturday Night Live<\/em>. After exploding in value in 2020 and 2021, the crypto market came crashing down to earth this year, shedding about $2 trillion in market value and bitcoin falling 57% year-to-date. Crypto\u2019s 2022 losses are far more than the also falling stock market, with the S&#038;P 500 and tech-heavy Nasdaq falling 19% and 30% year-to-date.<\/p>\n<div class=\"article_paragraph_7\"><\/div>\n<h2 class=\"subhead-embed color-accent bg-base font-accent font-size text-align\">What To Watch For<\/h2>\n<p>The Federal Reserve&#8217;s interest rate decision next week. If the Fed indicates it will continue its aggressive policy then risk assets, like crypto, could &#8220;react badly,&#8221; says Marcus Sotiriou, an analyst at brokerage GlobalBlock. Hopes the policy may not become any more aggressive have since helped markets <a href=\"https:\/\/www.forbes.com\/sites\/dereksaul\/2022\/10\/27\/dow-on-pace-for-best-october-ever-second-best-month-in-30-years\/\" target=\"_self\" class=\"color-link\" title=\"https:\/\/www.forbes.com\/sites\/dereksaul\/2022\/10\/27\/dow-on-pace-for-best-october-ever-second-best-month-in-30-years\/\" data-ga-track=\"InternalLink:https:\/\/www.forbes.com\/sites\/dereksaul\/2022\/10\/27\/dow-on-pace-for-best-october-ever-second-best-month-in-30-years\/\" aria-label=\"recover\" rel=\"noopener\">recover<\/a> from lows this year.<\/p>\n<h2 class=\"subhead-embed color-accent bg-base font-accent font-size text-align\">Contra<\/h2>\n<p>Musk\u2019s favorite cryptocurrency may be popping off thanks to the Twitter deal, but the stock in which most of his net worth is tied up has gone the opposite direction. Tesla shares are down 8% since October 4, when Musk\u2019s intentions to move ahead with the Twitter deal went public, as Tesla investors fret about the company\u2019s CEO Musk needing to sell more Tesla shares to fuel his purchase and divert his attention away from the electric vehicle firm.<\/p>\n<div class=\"topline_newsletter_container\"><\/div>\n<h2 class=\"subhead-embed color-accent bg-base font-accent font-size text-align\">Further Reading<\/h2>\n<p><a href=\"https:\/\/www.forbes.com\/sites\/ninabambysheva\/2022\/10\/27\/twitter-tale-wags-dogecoin-to-17-gain\/?sh=47d99c0a32b1\" target=\"_self\" class=\"color-link\" title=\"https:\/\/www.forbes.com\/sites\/ninabambysheva\/2022\/10\/27\/twitter-tale-wags-dogecoin-to-17-gain\/?sh=47d99c0a32b1\" data-ga-track=\"InternalLink:https:\/\/www.forbes.com\/sites\/ninabambysheva\/2022\/10\/27\/twitter-tale-wags-dogecoin-to-17-gain\/?sh=47d99c0a32b1\" aria-label=\"Twitter Tale Wags Dogecoin To 10% Gain\" rel=\"noopener\">Twitter Tale Wags Dogecoin To 10% Gain<\/a> (<em>Forbes<\/em>)<\/p>\n<div class=\"newsletter_signup_article\"><\/div>\n","protected":false},"excerpt":{"rendered":"<p>ToplineAmid a broader market rally, cryptocurrencies gained tens of billions in market value this week, partially fueled by a 40% gain for dogecoin because of Elon Musk, the world\u2019s wealthiest<\/p>\n","protected":false},"author":1,"featured_media":1715768,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","fifu_image_alt":"","footnotes":""},"categories":[547],"tags":[],"class_list":["post-1715765","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-the-bongino-report"],"fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1715765","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=1715765"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1715765\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/1715768"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=1715765"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=1715765"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=1715765"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}