“Meme” cryptocurrencies rise 6,000 % after Twitter purchase

Followers of Elon Musk stimulated a strong push for the cryptocurrency “meme” in honor of the purchase of the social network Twitter, achieving an increase of more than 6,000 %, while Dogecoin increased by 30 % for the second day in a row.

Elon Buys Twitter (EBT) registered an increase equivalent to more than 6,800 %, once the news of the acquisition of Twitter by the owner of Tesla was known. According to the information provided by CoinMarketCap, on the second day of the event, the “fan” cryptocurrency continued to register a rise of more than 200 %.

“Fan” is a “memecoin or meme cryptocurrency”, which has no “real support for its price and is entirely based on some kind of viral social media joke”. The listing price is protected “totally by the news about the deal between Twitter and Musk”, being offered at about 46,000 million dollars.

For its part, Dogecoin, better known and more attractive to investors, increased by 30 %, achieving a position in the first “10 cryptocurrencies with the highest market capitalization.”

This crypto started in 2013, created by software engineers Billy Markus and Jackson Palmer, as a joke about this type of asset. But in 2021 Elon Musk stated that he owns three types of cryptocurrencies: Bitcoin, Ethereum and Degecoin. The latter boosted its value with the comments made by the businessman on his social network account.

Musk noted: “A lot of people I talk to on the production lines at Tesla or building rockets at SpaceX have Doge. They’re not financial experts or Silicon Valley technologists. That’s why I decided to support Doge. It seemed like the people’s cryptocurrency to me.”

Every time Musk makes a comment about Doge, the crypto registers an increase in its price.

M. Rodríguez

Source: ambito.com