Dogecoin is outperforming the top 20 in gains
According to data from IntoTheBlock, the profitability of the largest meme cryptocurrency, Dogecoin (DOGE), rose to 63% after falling to 54% earlier in March. The price of Dogecoin jumped almost 10% following reports that the Tesla CEO held a 9.2% stake in Twitter. Dogecoin tops the top 20 in gains as the majority of cryptocurrencies lose value, thus trading in red at press time.
Dogecoin is cementing gains as its price rebounded from lows of $0.13 on March 31. According to reports by mainstream media and as covered by U.Today, Elon Musk, the CEO of Tesla, has made it public that he has a 9.2% stake in Twitter.
Colin Wua Chinese crypto journalist, tweeted regarding Elon Musk and his Twitter investment, reminding the community that the billionaire and big supporter of Dogecoin previously said he would support the use of Dogecoin on social media.
Musk’s ownership of 9.2% of Twitter shares was revealed in a regulatory document filed by Tesla’s CEO on Monday. The price of the social media giant’s shares quickly surged by 26%.
The Tesla CEO’s investment makes him the company’s largest investor, overtaking Jack Dorsey, who resigned as CEO in November last year.
Elon Musk joined the conversation begun by Ark Invest’s director of research Brett Winton on Saturday, April 2, about the failure to explain cryptocurrency to the older generation.
Musk responded with a meme video about Dogecoin going to the moon, which he said “explains everything.” Mining chips for Dogecoin, Bitcoin and other currencies that use the proof-of-work method to validate transactions were also seen in the video clip.
That video was dubbed “the best cryptocurrency video in history” by DOGE cofounder Billy Markus. Dogecoin presently trades at $0.15 after reaching highs of $0.156 on April 4. DOGE has also demonstrated mild growth since the past week.
