Canine-inspired meme coin Dogecoin (DOGE-USD) has not too long ago obtained numerous assist from Elon Musk. The Tesla (NASDAQ:TSLA) CEO continues to be some of the lively enterprise individuals on the planet. There’s numerous purpose to consider Musk is simply getting began in terms of utilizing that power to maneuver DOGE to larger highs.
Elon Musk not too long ago revealed a 9.2% stake within the social media large, Twitter (NYSE:TWTR). Which means he’s the biggest particular person shareholder in Twitter. It additionally coincided with Musk being named to the corporate’s board of administrators. Because of this, his stake was to be capped at a most of 14.9% of complete shares. However extra importantly, it meant that Musk would have better say over the course Twitter takes.
However issues have modified. In a major reversal, Musk isn’t becoming a member of Twitter’s board. His stake within the firm possible received’t be capped at 14.9% shifting ahead. Which means he can probably purchase a a lot better stake in TWTR inventory — maybe a stake that may enable him to leverage a lot better management over the platform of which he has been vital up to now. It’s even stirring debate that Musk might take over Twitter, in accordance with some sources.
Which means he may have even better leverage as an influencer on the platform. This brings us to Dogecoin. He hasn’t been shy about professing his appreciation for the crypto by Twitter up to now. A well-established correlation between his tweets and spikes in DOGE costs has been documented.
He additionally isn’t shy about flouting the Securities and Trade Fee (SEC), regardless of its warnings. Tesla’s Cyber Rodeo occasion commemorating the opening of its Austin gigafactory proved as a lot. Drones have been used to create a visible of the Shiba Inu breed that represents Dogecoin’s branding.
It was a transparent indication Musk isn’t backing down. It ought to ingratiate him additional as one thing of an outlaw to the crypto group, which is already anti-regulation. It additionally suggests Musk might be taking to Twitter to champion Dogecoin shifting ahead. His affect is just growing. Even when he doesn’t make the most of the social media platform, he’s prone to discover different methods to let or not it’s identified he stays a fan of DOGE.
Count on a rise in references to Dogecoin by Musk. These references correlate to cost spikes, which suggests DOGE might be trending upward for the close to time period and maybe longer.
On the date of publication, Alex Sirois didn’t have (both straight or not directly) any positions within the securities talked about on this article. The opinions expressed on this article are these of the author, topic to the InvestorPlace.com Publishing Pointers.