Dogecoin’s price rose by 8.2% due to Elon Musk’s increased interest in Twitter.
According to a recent rumour, Elon Musk, CEO of Tesla, has reaffirmed his plan to purchase Twitter for around $44 billion.
As a consequence, and maybe somewhat predictably, the price of Dogecoin, the cryptocurrency that Musk vocally supports, increased significantly.
Elon Musk began his dispute with Twitter in April of this year, when he acquired more than 70,000,000 TWTR shares (9.2% of the firm). Shortly afterwards, he pledged to purchase the company for $44 billion and convert it into a private company.
While Twitter accepted the multibillion-dollar offer, Musk reversed his position and placed the transaction on hold owing to specific concerns the platform needed to resolve before he would shake hands with them, such as eliminating all false accounts and dealing with scams.
Musk said in July that Twitter had not “met its contractual requirements,” thus he cancelled the partnership.
In an unexpected turn of events, yesterday’s sources stated that the entrepreneur has revived his interest and is willing to purchase the firm for around $54.20 per share, or approximately $44 billion, the initial offer. Even though the news was unconnected to the issue at hand, the price of Dogecoin surged.
The cryptocurrency has increased by around 8.2% since the news broke. This is due to the fact that Musk is one of the most prominent proponents of the meme coin and has devoted time and money to its development.
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