Elon Musk's renewed interest in Twitter resulted in a 8.2% price spike for Dogecoin (DOGE).
According to a recent report, Tesla’s CEO – Elon Musk – renewed his intentions to acquire the social media platform Twitter for approximately $44 billion.
As a result and perhaps somewhat expected, Dogecoin – the cryptocurrency that Musk is a vocal proponent of – saw a notable increase in its price.
The saga between Elon Musk and Twitter started in April this year when he purchased over 70,000,000 TWTR shares (9.2% of the company). Shortly after, he vowed to buy the firm for $44 billion and transform it into a private entity.
While Twitter accepted the multi-billion offer, Musk changed his stance and put the deal on hold due to certain issues the platform needed to solve before shaking hands with him, such as removing all fake accounts and coping with scams.
In July, Musk said Twitter had not “complied with its contractual obligations,” and as such, he terminated the agreement.
In a sudden twist of events, yesterday’s reports revealed that the entrepreneur had renewed his interest and is ready to buy the company for roughly $54.20 per share – or around $44 billion – the original bid.
Even though unrelated to the matter at hand, Dogecoin’s price skyrocketed on the news.
The cryptocurrency exploded by around 8.2% since the news broke out. This is because Musk is one of the most popular proponents of the memecoin and has spent both time and resources on trying to improve it.
Source: Binance via TradingView
It is worth noting that earlier this year, the electric vehicle giant – Tesla – allowed consumers to purchase company products in Dogecoin.
Dimitar got interested in cryptocurrencies back in 2018 amid the prolonged bear market. His biggest passion in the field is Bitcoin and he was fascinated with its journey. With a flair for producing high-quality content, he started covering the cryptocurrency space in late 2018. His hobby is football.
