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Fresh Off the Block: Dogecoin surges on the back of Elon Musk’s Twitter takeover

Khairani Afifi Noordin
Khairani Afifi Noordin10/31/2022 11:12 AM GMT+08  • 2 min read
Fresh Off the Block: Dogecoin surges on the back of Elon Musk’s Twitter takeover
Photo: Bloomberg
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The ‘memecoin’ Dogecoin — which is among the top cryptocurrency by market capitalisation — has surged by more than 95% to 12 US cents (17 cents) following Elon Musk’s takeover of social media firm Twitter.

The CEO and cofounder of electric vehicle giant Tesla has been a vocal and prominent supporter of Dogecoin. Tesla, for instance, started accepting Dogecoin in January this year while Musk’s The Boring Company’s perfume “Burnt Hair” can also be bought using Dogecoin.

Another memecoin Shiba Inu has also followed the same trend although on a much smaller scale, up 18% over the past week.

Chart: Dogecoin 7-day price performance, CoinGecko

Meanwhile, Twitter has announced that it is testing "NFT Tweet Tiles", a function that displays the title and creator of a user’s non-fungible token (NFT). Currently, the function only works on some NFTs that are linked to four marketplaces — Jump.trade, Rarible, Dapper Labs and Magic Eden.

See also: Crypto firm Genesis is preparing to file for bankruptcy

The social media platform has previously released an NFT verification tool for its Twitter Blue subscribers, allowing users to verify the ownership of an NFT in their crypto wallet and displaying the verified NFT it on their profile. Last year, the social media platform allowed users to “tip” others in bitcoin.

Photo: Twitter

See also: Founders of Three Arrows Capital mocked after seeking to raise US$25 mil for new venture

Family offices and high-net-worth individuals (HNWIs) continue to invest in digital assets despite the market volatility in the past two years, according to a report by consulting firm KPMG and crypto asset management platform Aspen Digital. The report, which surveyed family offices and HNWIs in Singapore and Hong Kong found that 92% of respondents were interested in digital assets, while 58% of family offices and HNWIs are already investing in the asset class.

The growing interest is attributed to a huge upside potential and increase in mainstream institutional investors which has given the family offices and HNWIs more confidence about the sector. However, allocation remains small with most allocating less than 5% of their portfolios to the digital assets.

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