After a steep decline over the past two weeks, Dogecoin is now green. It jumped 10% yesterday and it continues to rise today.
At the time of writing, it was $0.1488; up 9.25% in the last 24 hours according to CoinMarketCap. It has hit a high of $0.1511 and a low of $0.1383 in the last 24 hours.
Now let’s see what the hike is all about.
Elon Musk and McDonald’s Twitter feud that has Dogecoin’s price surge
The Dogecoin price surged after a Twitter feud between McDonald’s and Tesla and Space X CEO Elon Musk. Musk had Tweeted saying that he would eat a happy meal on live TV if the fast-food giant, McDonald’s, accepts Dogecoin (DOGE) as the official payment system.
Minutes after the tweet, DOGE price rose 7% from $0.135 to $0.145 and the bullish momentum continues today as the two continue to trade in the tweets that caught the attention of other crypto bigwigs, including the co-founder of Dogecoin.
Tweets from Musk have been having a great impact on the market prices since he started tweeting about the meme coin. Previously, he had tweeted announcing that Tesla had started accepting DOGE for its merchandise using; something that caused the DOGE price to jump by 25%.
After Musk’s recent Tweet targeting MacDonald’s, McDonald’s responded ten hours later saying it would only accept his offer if Tesla accepts Grimacecoin, a fake coin featuring a fuzzy purple 1980s McDonaldland mascot called “Grimace”.
Crypto opportunists quickly responded to McDonald’s tweet involving Grimace coin saying that buying the coin would not be a wise financial move since it was created a few hours ago, although it was already minted on Binance Smart Chain.
The media mainstream is trying to cover up Musk’s erratic online behavior by amplifying his crypto tweets, jumping him on the bandwagon of McDonald’s crypto memes that have recently gained traction on Twitter.
The Salvadoran president, Nyib Bukele, whose government had recently bought BTC dip before adding an extra 410 bitcoins at $36000 each in the recent dip, joined the tweeting spree by uploading a poorly edited photo of Musk with a McDonald branded hat and a nametag on 23rd January
Musk seems to be pushing comfortably for Dogecoin despite Tesla owning over 42,000 Bitcoins with an average of $31,700 per coin. He recently said in Time Magazine:
“Fundamentally, Bitcoin is not a good substitute for transactional currency. Even though it was created as a silly joke, Dogecoin is better suited for transactions.”
