Twitter’s stock price saw a huge jump as soon as the news of Musk’s common stock purchase came out. In addition, the price of DOGE, one of Musk’s favorite cryptocurrencies in the crypto world, also appeared to be rising sharply. In the last 24 hours, DodgeCoin has gained about 5 percent, and is currently trading at $0.158 (about Rs.12) on the Indian exchange CoinSwitch. Meanwhile, on CoinMarketCap, Dogecoin has gained 4.9 percent in value over the past 24 hours.
Free speech is essential to a functioning democracy.
Do you believe Twitter rigorously adheres to this principle?
— Elon Musk (@elonmusk) March 25, 2022
As we reported on March 25, Musk wrote in a tweet that “freedom of expression is essential to a functioning democracy,” which was a poll. He asked “Do you believe that Twitter strictly adheres to this principle?”
This may be the first time that this increase in Dogecoin has happened without Musk taking any decision on Dogecoin. However, Musk has promoted DodgeCoin several times, saying that meme is best suited for cryptocurrency transactions and is a “people’s crypto”.
The Tesla CEO’s purchase of a stake in Twitter comes as the social media platform is exploring the possibility of decentralisation.