The fact that Elon Musk is always at the center of most price surges experienced by Dogecoin is never in doubt, and if there is any doubt, then the recent event held in Texas will prove the assertion right.
The price of the popular meme cryptocurrency temporarily shot up during the launch of the Texas Gigafactory after Elon Musk sent a DOGE mascot up in the sky. This culminated in the rise in the value of the meme token, albeit briefly.
The Cyber Rodeo launch was held in Texas as a celebration during the launch of Tesla’s Gigafactory located in Austin.
Dogecoin Mascot Unveiled
Before the event, the Tesla CEO and Dogecoin’s most ardent fan, Elon Musk, revealed that the upcoming event would be the “biggest party in the world.” It was dubbed “Cyber Rodeo” because of the number of neon-lit displays and an aerial light show hosted by different drones to depict a light performance on the horizon.
The show was hosted in celebration of the launch of the latest Tesla Gigafactory in Texas. Guests witnessed the magnificent mascot of the original meme coin, hosted on drones.
The party began at 4:00 pm Texas time, and it came barely two weeks after the launch of the Tesla Gigafactory located in Berlin, Germany. Tesla currently has six Gigafactories worldwide, including other American states and Shanghai, China.
As the pictures of the Doge Mascot appeared in the dark sky and on several Twitter accounts, the price of Dogecoin surged by 5% to reach $0.1527, albeit briefly.
Meanwhile, the leading meme coin price has returned to its previous value, $0.1453.
Is Elon Musk’s Twitter Stake Beneficial to DOGE?
U.Today reported earlier in the week that the Tesla boss is now a member of the Board of Directors of Twitter following his acquisition of a 9.2% stake in the social media behemoth.
The latest development has positioned Musk as the single largest shareholder on Twitter. However, as part of the agreement, the billionaire cannot purchase more than 14.9% of the shares.
Upon his announcement as a board member, Musk revealed that he is looking forward to aligning with other board members to improve Twitter’s operations in the coming years.
Among the many highlighted improvements that observers believe will be made to Twitter is adding an edit button to enable users to edit their tweets. Before this, Musk had previously run a poll asking the opinions of his followers if an edit button is needed and whether or not Twitter has been against free on its platform.
The Doge community has high expectations from Musk following this new role; the integration of DOGE on Twitter for tipping is the most pressing demand of the community. Twitter has already adopted other tokens like Bitcoin and Ethereum during Jack Dorsey’s tenure as CEO.
In the coming months, we will see how the popular meme cryptocurrency stands to gain from Musk’s Twitter management.