Dogecoin (DOGE) Jumps 30% After Elon Musk Buys Twitter
April 26 2022 - 1:25AM
NEWSBTC
Dogecoin (DOGE) soared nearly 30% Tuesday after Elon Musk agreed to
acquire Twitter Inc for $44 billion, multiple news outlets
reported. The cryptocurrency featuring a Shiba Inu meme, which has
long been a favorite of the centibillionaire, was up 22.14 percent
to $0.162 as of 01:10 a.m. IST Tuesday, according to CoinMarketCap
statistics. Twitter’s stock closed 5.6 percent higher on the day.
This development comes minutes after Musk’s Twitter takeover was
made public. Suggested Reading | SEC, Ripple Agree To Extend Legal
Battle Until 2023; XRP Bears The Brunt Of Case Late Monday, Twitter
announced that it has reached a “definitive agreement to be bought
by an entity entirely owned by Elon Musk for $54.20 per share in
cash, in a transaction valued at about $44 billion.” Once the
transaction is finalized, the social media behemoth will revert to
a status as a “privately held corporation.” Recently, Musk had
suggested several ways in which Twitter could be improved. (Image
credit: Deadline) In a statement on Monday, Musk said: “Free speech
is the bedrock of a functioning democracy, and Twitter is the
digital town square where matters vital to the future of humanity
are debated.” The Rise Of Dogecoin Musk has been a vocal proponent
of digital currencies; he recently stated that he would not sell
his Dogecoin and would also retain his Bitcoin and Ether holdings.
The rise of Dogecoin, a so-called memecoin — so-called because it
is mostly based on an online joke rather than a substantial
blockchain project — has been spurred by the Tesla CEO. Musk has
stirred the cryptocurrency markets’ nest in the past. In February
2021, the electric vehicle manufacturer said that it had purchased
$1.5 billion in Bitcoin and intended to accept it as payment,
triggering a spike in both the company’s stock and the currency.
However, Musk reversed his position the following May,
precipitating a decline in the value of Bitcoin and other
cryptocurrencies. DOGE total market cap at $21.56 billion on the
daily chart | Source: TradingView.com In May of the same year, his
posts catapulted Dogecoin to an all-time high of 67 cents,
according to Coin Metrics. The cryptocurrency’s value frequently
varies in response to celebrity endorsements like Musk, Kiss’s Gene
Simmons, and rapper Snoop Dogg. Suggested Reading | Metaverse May
Be Worth $13 Trillion By 2030, US Banking Giant Citi Says Does It
Have Real Value? Dogecoin’s supply is unlimited, which means that
as more tokens are issued, its price should theoretically drop.
Mark Cuban, a billionaire entrepreneur and investor, has stated
that bitcoin has “no intrinsic value.” Jack Dorsey, Twitter’s
former CEO and co-founder, left the company in November to focus on
his payments startup, which rebranded to Block (from Square) to
reflect greater goals in cryptocurrencies and blockchain
technology. Musk recently offered many methods to improve the
microblogging site. Additionally, he urged that Dogecoin be used as
a payment method on the social networking site. Speculators have
bought dogecoin because of Musk’s “obsession with the
cryptocurrency,” and hence the potential for dogecoin to be given
additional utility on one of the top social media networks if Elon
is successful, according to Marcus Sotiriou, an analyst at digital
asset broker GlobalBlock. Featured image from CryptoHubK, chart
from TradingView.com
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