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Several altcoins immediately rose in price after billionaire Elon Musk completed a deal to buy the social network Twitter
On the night of October 27, billionaire Elon Musk changed his biography on his Twitter account to Chief Twit, which can be translated as “chief on tweets” or perceived as a pun – “chief cretin.” The entrepreneur visited the company’s headquarters in San Francisco and posted a video of him appearing in the office with a sink in his hands. The deal to buy the social network was completed on October 28.
In June, the billionaire advocated greater integration of payments on Twitter, including cryptocurrencies. The businessman has repeatedly spoken out in support of Dogecoin. For example, in May he argued that the altcoin has the potential to become a currency.
Elon Musk has already talked about the possibility of making payment for a premium Twitter Blue subscription service available in Dogecoin. Altcoin is accepted for payment by the transport network of the tunnels of the billionaire Loop in Las Vegas, and it could also be used to buy Tesla merchandise.
Several cryptocurrencies have risen sharply in price over the past week:
The value of the largest “meme” token by capitalization has increased by 144% over the past 7 days, according to CoinGecko. The market value of the altcoin is $20 billion, and it ranks eighth in the top cryptocurrencies. At its peak on November 1st, Dogecoin hit its highest since April 26th.
Another popular “meme” token, which is among the top 15 cryptocurrencies by capitalization, Shiba Inu, rose in price by 30% in a week. The price of altcoin reached its maximum since the end of last summer.
An increase of 90% in 7 days was shown by the Dogelon Mars cryptocurrency. Its capitalization is $255.7 million. On the news of the purchase of Twitter by Musk, the altcoin has updated its maximum since the end of spring of this year.
One of the growth leaders over the past week was the “meme” token Floki – its rate rose by 76%. The capitalization of the altcoin is $113 million. It has updated its price high since mid-August.
Among the “meme” tokens, Akita Inu also showed a large increase in 7 days – 36%. At the end of October, on the news of the closing of the deal to buy Twitter, the price of the altcoin rose to peak values since mid-August.
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