Crypto Mogul Barry Silbert: Buying Dogecoin "Crossed My Mind"

Digital Currency Group CEO Barry Silbert recently tweeted that buying Dogecoin, the meme cryptocurrency, had crossed his mind. 

Some Bitcoin maximalists implored Silbert, one of the most influential people in the cryptocurrency industry, to stay away from the joke cryptocurrency. 

Dogecoin co-founder Billy Markus said that he likes dogs and memes in response to a tweet posted by Silbert. 

As reported by U.Today, Silbert tweeted that he had shorted Dogecoin on the cusp of Elon Musk’s “Saturday Night Live” hosting debut that took place on May 9. He bought an undisclosed number of 3x leveraged short tokens on the FTX exchange, promising to donate all profits to “financial education and Bitcoin-related causes.” 

Silbert’s tweet marked the top of Dogecoin’s massive rally that turned many heads in 2021. Shortly after reaching a market cap of $90 billion, the Bitcoin parody crashed back down to earth. Some members of the community even started blaming the crypto billionaire for puncturing the bubble.

The DCG boss claimed that Dogecoin was overvalued, claiming that Dogecoin didn’t have any utility.

Earlier today, the price of Dogecoin soared more than 15% on the reports that Musk was inching closer to acquiring Twitter. The social media giant is expected to announce its record-breaking deal with the centibillionaire on Monday. Prior to that, Musk bought a 9% stake in the social media platform.

The Tesla CEO recently indicated that Dogecoin would be accepted for Twitter Blue premium subscriptions.

On Sunday, Musk also suggested that using the meme cryptocurrency for tipping creators would be a “nice” way of boosting its utility.