Elon Musk Unbans Dogecoin Accounts – Memecoin Now Up By 7%

Stack of Dogecoin Tokens
Stack of Dogecoin Tokens

Elon Musk is really causing a lot of controversies while running his new company.

Be it firing a good chunk of its workforce, or implementing new “verification marks” for sale, Musk’s new role as Twitter CEO is causing a lot of headlines.

Another measure from Twitter’s self-appointed CEO is to use his newly-purchased social media as a tool for “free speech”. This involves reinstating accounts that were previously banned, including the personal account of former U.S. President, Donald J. Trump.

And recently, Elon Musk decided to unban several accounts linked to the world’s leading memecoin, Dogecoin.

This week, over a dozen Dogecoin Twitter accounts were suspended, in a recent stand by Twitter of riding the platform of bot accounts.

Dogecoin’s co-founder Billy Markus, claimed in a series of Tweets that the banning of these accounts was not justifiable. According to Markus, these accounts were simply posting internet memes about the cryptocurrency.

Musk, who himself has a history of connection with the dogecoin community, quickly responded to Markus’ request.

Following his complaint, the multi-billionaire claimed that his Twitter crew had been overly harsh in suspending spam bot accounts.

“Team was a bit too intense with spam/bot suspensions. Moving to chill mode,” Musk wrote.

Doge Surges 7% as a Result of Elon Musk’s Actions

From the start, the memecoin has been closely attached to Elon Musk’s Twitter corporate decisions.

For instance, on November 30th, dogecoin went up by nearly 30% after reports of a collaboration between Vitalik Buterin and Elon Musk went public.

At the same time, DOGE fell by 10% after Twitter announced a halt on the development of a built-in digital wallet on the platform.

And this time it was no different. The simple action of unbanning the dogecoin-themed accounts, while also appearing public wearing a dogecoin T-shirt caused the memecoin to surge by nearly 10% in value on the same day.

In fact, the DOGE price reached $0.1118 at one time, representing a 7.5% rise in less than an hour. However, since that date, its price retracted and is currently trading at around $0.0995, according to CoinMarketCap.

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