Dogecoin Soars On Muskmania Even As Bitcoin, SHIB Turn In Lackluster Performance

KEY POINTS

Dogecoin celebrated Doge Day on April 20
The dog-themed meme coin is associated with Elon Musk
Dogecoin price skyrockets Monday

Elon Musk's imminent takeover of micro-blogging site Twitter is helping Dogecoin, one of the tech billionaire's favorite cryptocurrencies, ride the waves of Muskmania as its price soars even as other cryptocurrencies like Bitcoin, Ethereum, Shiba Inu are seeing muted gains.

Following a lackluster Doge Day, holders of the world's first-ever dog-themed meme coin have Musk to thank for because DOGE was soaring Monday, up 19.27% at $0.1528 as of 11:02 p.m. ET, according to the data from CoinMarketCap.

In contrast, Bitcoin, Ethereum and Shiba Inu saw muted gains. At around the same time, Bitcoin was trading up 3.6% at $40,541.15, with a 24-hour volume of $34,440,070,675 and Ethereum was up 4.71% at $3,001.77, with a 24-hour volume of $21,148,199,734.

Elon Musk is the new owner of Twitter as he struck a deal Monday to purchase the social media platform that he says will champion free speech. Musk's twitter account is seen through the Twitter logo in this illustration taken, April 25, 2022. Reuters / Dado Ruvic

Shiba Inu, the other major dog-themed meme coin and a rival to DOGE, was trading up 3.89% at $0.00002426, with a 24-hour volume of $1,121,461,863.

Musk now has total control of Twitter after the social media platform accepted his $45 billion bid to buy the company. Twitter co-founder Jack Dorsey responded to Musk's Twitter acquisition Monday, implying that he supports the move and saying "Elon is the singular solution" he trusts.

"The idea and service is all that matters to me, and I will do whatever it takes to protect both," he wrote. "Twitter as a company has always been my sole issue and my biggest regret. It has been owned by Wall Street and the ad model. Taking it back from Wall Street is the correct first step," Dorsey said in a Twitter thread.

The former Twitter CEO also tweeted that he is "so happy Twitter will continue to serve the public conversation. Around the world, and into the stars!"

I’m so happy Twitter will continue to serve the public conversation. Around the world, and into the stars!
— jack (@jack) April 26, 2022

Musk previously said, "Having a public platform that is maximally trusted and broadly inclusive is extremely import to the future of civilization, I don't care about [the] economics at all."

"I hope that even my worst critics remain on Twitter because that is what free speech means," the Tesla CEO tweeted Monday.