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Dogecoin price surges 9% amid Elon Musk`s $43b Twitter takeover

Dogecoin

TL;DR Breakdown

  • Twitter set to accept Elon Musk`s $43 billion offer.
  • Dogecoin`s price surges after reports indicate a successful Musk`s Twitter takeover.

According to two individuals with direct knowledge, Twitter is nearing a sale agreement with Elon Musk. The sources spoke on the condition of anonymity because they were not authorized to do so.

The financial shift has the potential to bring together the world’s richest person and one of the most powerful social networking sites. According to reports, a 9% rise in Dogecoin in the past two hours followed Musk’s discussed acquisition of the social media entity.

Elon Musk’s near success with his Twitter bid

Elon Musk has had the cryptocurrency market wrapped around his finger since 2021. It is well-known among investors that a single tweet or a Dogecoin market move by Tesla and SpaceX founder Elon Musk has the ability to cause prices to soar.

According to reports, the market anticipates an agreement announcement as early as Monday. According to Reuters, Elon Musk and Twitter’s board discussed his unsolicited offer to buy the firm on Monday morning. On Monday in New York, Twitter shares rose 4.5 percent ahead of the market in pre-market trading at $51.15.

The board met to discuss the matter on Sunday morning, following a Twitter board meeting earlier that day. The decision to seek financing was a turning point for the board regarding how it evaluated Elon Musk’s offer of $54.20 a share. According to Musk, to thrive and become an open platform for free speech, Twitter will need to be taken private.

The situation involving Twitter and Elon Musk is still fluid and fast-moving. Although the agreement is unfinished, it may still fall through. What had at first appeared to be a highly improbable deal was edging ever closer to an endgame. According to sources, the agreement may result in either a complete victory or a total failure for either party.

Elon Musk invested more than 9% of his fortune in Twitter earlier this year. The acquisition caused two weeks of intense squabbling between the two sides. Twitter announced that Elon Musk would join the board, only to withdraw it a few days later. Shortly after, Musk announced his bid for the social media giant.

Regardless of whether the deal gets completed, it has already impacted the cryptocurrency market. Since the leaked information hit the market, Dogecoin’s value has increased by over 9%. Due to Elon Musk’s influence, Dogecoin prices have risen from a meme coin to one of the most well-known cryptocurrencies with a high market capitalization.

Dogecoin’s price surges under the influence of Musk’s success

Dogecoin began skyrocketing in price by 2021 when it appreciated by 6,000%. Elon Musk, the CEO of SpaceX and Tesla, stated that DOGE is one of his favorite cryptocurrencies. Since then, he has made a few tweets about Dogecoin. Every tweet generally results in the coin’s price increasing significantly.

As Twitter’s owner, the crypto market investors anticipate Elon to pull off more positive Dogecoin trends. According to Coinmarketcap, the current live Dogecoin price is USD 0.139679, with a trading volume of $1,927,057,048. In the last 24 hours, Dogecoin has increased by 4.91%.

At the moment, Dogecoin is up 9% in the last three hours, following news that Elon Musk may be close to buying all of Twitter for $54.20 a share. DOGE was trading at $0.14, up from $0.12 in Asian morning hours at the time of writing.

Additionally, Twitter’s stock rose by 5% in pre-market trading on Monday. Dogecoin’s price and Musk’s anticipated takeover of Twitter are not directly related. On the other hand, some experts believe that Musk’s frequent support of the memecoin draws interest from cryptocurrency investors hoping Dogecoin will be included in Twitter’s long-term plans.

The speculation is that advertisers could be able to pay DOGE for ads and for other uses on Twitter. We have seen the same happening when Tesla revealed the ability to pay for its goods with DOGE. So the speculation could be around Musk’s businesses and stakeholdings starting to accept crypto, as Tesla does.

Kryptomon Chief Marketing Officer Tomer Nuni.

Musk suggested DOGE payments for Twitter Blue, the site’s premium subscription service with premium features, in a tweet published this month. On its online shop, Tesla presently takes DOGE payments. Musk has previously expressed his support for Dogecoin’s growth and use. In a May 2021 tweet, Musk said that he was in talks with Dogecoin developers to enhance system efficiency.

Elon Musk has had a considerable impact on the cryptocurrency world, having made several significant investments. Crypto analysts frequently attribute the success of DOGE in the market to Musk’s influence. If the billionaire businessman purchases Twitter, Dogecoin will profit as well as the entire crypto ecosystem.

Florence Muchai

Florence Muchai

Florence is a crypto enthusiast and writer who loves to travel. As a digital nomad, she explores the transformative power of blockchain technology. Her writing reflects the limitless possibilities for humanity to connect and grow.

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