Is Elon Musk's Twitter Stake Reveal Leading Dogecoin Higher Today?

Dogecoin DOGE/USD spiked 5.6% to $0.15 over 24 hours leading up to early Tuesday morning. 

DOGE shot up at press time while Bitcoin and Ethereum — the top two coins by market cap — saw relatively modest gains. The global cryptocurrency market cap rose 0.45% to $2.2 trillion.

See Also: How To Buy Dogecoin (DOGE)

The Doge Factors

DOGE was among the most mentioned coins on Twitter. It attracted 1,855 tweets at press time, according to Cointrendz data. The three most-mentioned coins were XRP, Bitcoin, and Ethereum.

$5.16 million worth of DOGE futures have been liquidated in 24 hours as the meme cryptocurrency soared, according to Coinglass data.

Strong Correlation Persists With Equities

Major cryptocurrencies continued to be strongly correlated with equities. This correlation is stronger in the case of Ethereum than the apex coin, according to market data platform Santiment. 

DOGE At OZ Convenience Stores 

Australians will be able to pay with Dogecoin and other cryptocurrencies at the “On The Run (OTR) convenience store chain beginning July. The transactions will be processed via Crypto.com.

Doge Around The Web

Tesla Inc TSLA CEO Elon Musk’s purchase of a 9.2% stake in Twitter Inc TWTR dominated DOGE discussions on Monday.

CNBC host Ran NeuNer said while Twitter found Jack Dorsey owns 2% of the platform, Musk owns 9%. He pointed out that Jack loves Bitcoin, while Musk loves DOGE. 

Dogecoin millionaire Glauber Contessoto alluded to the fact that Musk was now among the largest holders of the Twitter stock and tweeted it seems “bullish” with “Doge” as a hashtag

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