Dogecoin (DOGE) Explodes 8% Daily on Musk-Twitter News

According to a recent report, Tesla CEO Elon Musk has renewed his intentions to acquire social media platform Twitter for around $44 billion.

As a result, and perhaps somewhat expectedly, Dogecoin, the cryptocurrency of which Musk is a vocal advocate, saw a notable increase in its price.

  • The saga between Elon Musk and Twitter began in April this year when he bought more than 70,000,000 shares of TWTR (9.2% of the company). Soon after, he promised to buy the company for $44 billion and transform it into a private entity.
  • Although Twitter accepted the multibillion-dollar offer, Musk changed his position and put the deal on hold due to certain issues that the platform needed to resolve before shaking hands, such as deleting all accounts fakes and deal with scams.
  • In July, Musk said Twitter had failed to “comply with its contractual obligations” and as such terminated the deal.
  • In a sudden turn of events, reports yesterday revealed that the entrepreneur had renewed his interest and is willing to buy the company for approximately $54.20 per share, or around $44 billion, the original offer
  • Although unrelated to the matter at hand, the price of Dogecoin skyrocketed on the news.
  • The cryptocurrency exploded around 8.2% since the news broke. This is because Musk is one of the most popular proponents of memecoin and has devoted time and resources to trying to improve it.
Source: Binance via TradingView
  • It’s worth noting that earlier this year, electric vehicle giant Tesla allowed consumers to buy the company’s products on Dogecoin.

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