Cryptocurrencies have started evolving beyond the initial point of their popularity, as a wide variety of companies and countries are starting to take an interest in the market as a whole. Not only are they looking to find out if they have the necessary potential to take the financial market forward, but many are also interested in finding out if the market could be offering something of a different solution.
In this quest to get answers out of the industry, many billionaires have also started to support cryptocurrencies, with the most popular one obviously being Elon Musk. Not only has Elon Musk been one of the biggest supporters of the market, but he has also been one to bring it into the mainstream.
So if this major billionaire were to make a major business decision, then it is very likely that the market could rally in support. And lo and behold, as soon as Elon Musk followed through on his deal with Twitter and bought it, the crypto market rallied in support. More specifically, the crypto market managed to show a considerable amount of support for the decision.
Dogecoin Sees Major Rise
The most obvious coin to rise following the transaction was Dogecoin, which has been the billionaire’s favorite for quite some time now. He was one of the first mainstream supporters of cryptocurrency and was one of its biggest investors. He would even give predictions about the coin could rise in time, and he would even keep his followers updated on how Dogecoin is going.
Following the final purchase by musk for Twitter, Doge managed to soar to a level not seen since the pre-pandemic levels. Not only did this Dogecoin see a rise, but other meme coins were also quick to rise.
The Other Meme Coins Rise
Along with the OG Dogecoin seeing a rise in its price, various other meme coins were also quick to see a rise in their prices too. These meme coins included the likes of Floki and Shiba Inu, both of which were inspired by Elon Musk’s new dog at the time.
As they continued to soar, the rising prices were a very good reminder of what these meme coins can achieve. Since they have a greater sense of community, they are often following each other into certain investments and rallies.
How Musk’s decision affects the internet
While it can be difficult to predict how Elon Musk buying twitter will affect the general landscape on the internet. But with time, most of the people who were against the decision will see that he will change the site and make it a more open space for ideas.