Left image via Britta Pedersen / Getty Images / Right image via Getty Images //

They might as well rename it ‘Muskcoin’.

If you’ve ventured onto any corner of the internet this morning, odds are you would’ve seen the news of Elon Musk’s successful acquisition of Twitter for $44 billion USD ($61 billion AUD). No doubt it’s a sale that’s set to have numerous short and longterm consequences not only for the Twitter sphere, but that of social media as a whole. One area you probably weren’t expecting it to immediately affect (although in hindsight, it makes total sense), is the world of cryptocurrency, and more specifically, Dogecoin.

Ah yes, the hallowed meme coin whose very existence is dependent on whatever headlines Tesla CEO births into existence. So much so that the value of Dogecoin has shot up by 30% since Musk’s buyout of Twitter was announced.

For those a bit lost as to the history behind Musk and the coin, the self-proclaimed “Dogefather” has been a longtime proponent of the cryptocurrency, regularly mentioning it on Twitter and in various interviews. Since his public endorsement of it however, the coin has significantly fluctuated according to his various antics, most notably, diving almost 80% after he jokingly referred to it as “a hustle” on Saturday Night Live.

Still, it’s definitely a huge win for any one with a bit of Doge in their crypto wallet right now. Here’s hoping Musk doesn’t go mad with his new Twitter ownership as it won’t only affect users of the social media platform, but anyone who’s bought into the currency. As to what to expect from Musk’s Twitter plans, check out his recent appearance at TED below to get an idea of what he has in store.

Our crypto and NFT news is presented by Zipmex Australia. Want to earn interest on your crypto? Head here to find out how.