Per IntoTheBlock data, the profitability of the largest meme cryptocurrency, Dogecoin (DOGE), has increased to 63% after dropping to as low as 54% earlier in March. Dogecoin's price jumped by nearly 10% following reports of the Tesla CEO owning a 9.2% stake in Twitter. Dogecoin is outperforming the top 20 in gains as the majority of cryptocurrencies are losing value, thus trading in red at press time.
Dogecoin is cementing gains as its price rebounded from lows of $0.13 on March 31. According to reports by mainstream media and as covered by U.Today, Elon Musk, the CEO of Tesla, has made it public that he has a 9.2% stake in Twitter.
Colin Wu, a Chinese crypto journalist, tweeted concerning Elon Musk and his Twitter investment, reminding the community that the billionaire and major Dogecoin supporter had previously stated that he would support the use of Dogecoin on social media.
According to Bloomberg, Tesla founder Elon Musk already owns 9.2% of Twitter. Musk has previously tweeted several times on how to improve Twitter and social media, and said that he will definitely support the application of Dogecoin in social media.— Wu Blockchain (@WuBlockchain) April 4, 2022
Musk's ownership of 9.2% of Twitter shares was revealed in a regulatory document filed by Tesla's CEO on Monday. The price of the social media giant's shares quickly surged by 26%.
The Tesla CEO's investment makes him the company's single largest investor, surpassing Jack Dorsey, who stepped down as CEO in November of last year.
Elon Musk joined the conversation begun by Ark Invest's director of research Brett Winton on Saturday, April 2, about the failure to explain cryptocurrency to the older generation.
Musk responded with a meme video about Dogecoin going to the moon, which he claims "explains everything." Mining chips for Dogecoin, Bitcoin and other currencies that use the proof-of-work method to validate transactions were also seen in the video clip.
That video was dubbed "the best cryptocurrency video in history" by DOGE cofounder Billy Markus. Dogecoin presently trades at $0.15 after reaching highs of $0.156 on April 4. DOGE has also demonstrated mild growth since the past week.