Crypto News

Dogecoin Soars 15% as Musk-Twitter Deal to be Reportedly Finalized

Reports claim that Tesla’s CEO – Elon Musk – will most probably become Twitter’s new owner. The entrepreneur is a keen supporter of Dogecoin, and the rumors caused a 15% spike in DOGE’s price.

  • The world’s richest man – Elon Musk – and the social media platform – Twitter – have been interacting with each other numerous times in the past few months.
  • Several weeks ago, Tesla’s CEO purchased over 70,000,000 of the company’s shares (9.2% of the platform’s total stake). He was also expected to join Twitter’s Board of Directors.
  • Shortly after, though, Musk reversed his decision. Parag Agrawal – Twitter’s CEO – did not give a reason for the U-turn but opined: “This is for the best.”
  • The saga did not stop there. A few days later, Musk made a $43 billion offer to buy the social media company. He said Twitter has “extraordinary potential,” which could be unlocked with his help.
  • According to more recent reports, the two sides will indeed shake hands, and it could become official as early as today – April 25. Shortly after the news broke, Twitter’s stocks increased by 3% in pre-market trading.
  • Additionally, Tesla’s CEO has a significant influence on the cryptocurrency market (and especially on his favorite token – Dogecoin) with his comments and endeavors. As such, it is no wonder that DOGE surged by over 15% since the news about the possible acquisition emerged.
  • Like most other digital assets, the first-ever memecoin started the day deep in red, trading at around $0.124, while currently, it is hovering at almost $0.15.
  • The entrepreneur often praises DOGE’s merits. At the end of 2021, he argued that the token is better suited for payments than bitcoin.
  • Nearly a month later, his EV-giant – Tesla – accepted the memecoin as a payment method. Needless to say, Dogecoin’s USD valuation spiked by double digits almost instantly after the news.
DOGEUSD. Source: TradingView
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