Twitter-Elon Musk’s $44 billion deal, Dogecoin’s value rises.
In the wake of Twitter CEO Jack Dorsey’s announcement that Elon Musk is joining the social media platform. Dogecoin’s value increases sharply.
Dogecoin, a cryptocurrency based on the popular Doge meme, sees its price jump nearly 25% in the wake of this news.
DOGE rise on reports that Tesla CEO Elon Musk is considering taking Tesla private ownership. The coin climbs as high as $0.17 intraday, which was its highest level since May 27, 2018.
Following a 24-hour tease with investor interest reaching a crescendo after Musk reaches an agreement with the Twitter board
Many speculate that this growth is indicative of Dogecoin’s growing popularity, as well as its rising use in mainstream markets.
Some commentators see Dogecoin’s ascent as an indication that the cryptocurrency sector is becoming more mature and robust. And the coin may emerge as a leading contender in the space.
While the cryptocurrency’s all-time high of $0.73 was reached in May 2021, today’s news succeeds in fueling the fires of optimism.
Dogecoin’s price is currently $0.73 at the time of writing DOGE/USD it trades at around $0.16, about a 15% increase.
The coin mascot is a Shiba Inu dog that becomes popular in 2013 after a meme featuring the dog went viral. Dogecoin was created as a joke in 2013 but has since become one of the most popular cryptocurrencies.
Twitter agrees to Elon Musk’s $44 billion acquisition
The board of Twitter announces this via a press release on Monday. The approval of the sale to an entity entirely owned by Elon Musk.
The announcement leads to a surge in Dogecoin’s price. As investors are hopeful that the social media platform will ease restrictions on cryptocurrency and advertising.
Dogecoin is up by nearly 15% since the announcement and remains one of the most popular altcoins on Twitter.
At $44 billion for a 37% premium over Twitter’s closing price on April 1, 2022, before Elon Musk disclosed a 9 percent stake in the company; investors are receiving a 38 percent premium.
Elon Musk, the CEO of Tesla, SpaceX, and The Boring Company, says that he will guarantee that; Twitter is better than ever before in terms of free speech.
He will also use new technologies to improve it and attempt to authenticate all people.
“Twitter has enormous prospects – I anticipate working with the firm and the community of users to unlock it,” he says.
Musk also believes that his ownership of the social media company, will not deter some users from using it.
On Monday, shares of Twitter rise from less than $49.00 to above $52.29, a gain of more than 5%. Despite cutting some of the gains, the firm nonetheless closes at over 5% higher at $51.70.
The Dogecoin value has been on a rollercoaster over the past few days. As many investors are excited by the news of Musk’s involvement in Twitter.
The Dogecoin price increases rapidly following his announcement, jumping from around $0.01 to over $0.05 in just a few hours.
What people are saying?
The Dogecoin Foundation, a non-profit organization that promotes the Dogecoin cryptocurrency, announces on Tuesday it has completed a $1 million donation to help send Elon Musk’s Tesla to space.
“This is unbelievable news for Dogecoin and will help propel us to new heights,” says Dogecoin Foundation member Bill Maurer.
Many believe that the addition of Dogecoin to Twitter’s platform could lead to more mainstream adoption of cryptocurrency. Dogecoin has already seen a surge in popularity this year, thanks in part to endorsements from celebrities like Musk.