According to IntoTheBlock data, the profitability of the largest meme cryptocurrency, Dogecoin (DOGE), has increased to 63% after falling to 54% in March. Dogecoin price surged nearly 10% after Tesla CEO reported having a 9.2% stake in Twitter. Dogecoin is outperforming the top 20 in gains as most cryptocurrencies are losing value, thus trading in the red at press time.
Dogecoin is consolidating gains with its price rebounding from a low of $0.13 on March 31. Tesla CEO Elon Musk has made it public that he owns a 9.2% stake, according to reports from the mainstream media and as covered by YouToday. Twitter.
Colin WuA Chinese crypto journalist, tweeting about Elon Musk and his Twitter investments, reminded the community that the billionaire and prominent Dogecoin supporter had previously stated that he would support the use of Dogecoin on social media.
According to Bloomberg, Tesla founder Elon Musk already owns 9.2% of Twitter. Musk has tweeted several times in the past about how to improve Twitter and social media, and said he would certainly support Dogecoin’s application in social media.
— Wu Blockchain (@WuBlockchain) 4 April 2022
Musk’s ownership of 9.2% of Twitter shares was revealed in a regulatory document filed by the Tesla CEO on Monday. Shares of the social media giant quickly gained 26% in price.
The Tesla CEO’s investment makes him the company’s biggest investor, surpassing Jack Dorsey, who stepped down as CEO in November last year.
Elon Musk joins a conversation started on Saturday, April 2, by Brett Vinton, director of research at Arc Invest, about the failure to explain cryptocurrencies to the older generation.
Musk responded with a meme video about Dogecoin going to the moon, which he claims “explains everything.” Mining chips for Dogecoin, bitcoin and other currencies that use a 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 co-founder Billy Marcus. After reaching a high of $0.156 on April 4th, Dogecoin is currently trading at $0.15. DOGE has also shown a slight increase from the last week.