Less than three months after Elon Musk expressed interest in acquiring Twitter and received backing from numerous crypto businesses, his desire to control the social media behemoth is fading, confounding DOGE supporters.
In a filing with the Securities and Exchange Commission, Musk’s decision to withdraw from the $44 billion acquisition bid was announced last week. He cited Twitter’s significant violation of various purchase agreement conditions as the reason for his decision. This week, Twitter filed a lawsuit in the US state of Delaware, alleging bad faith on the part of Musk and attempting to force him to complete the transaction.
Crypto Twitter and Dogecoin enthusiasts have been left in limbo since it became clear that Elon’s big intentions for Doge after acquiring Twitter may not materialise. Elon Musk is, by all accounts, one of the most vociferous billionaires on crypto Twitter. Although he has backed Bitcoin and a number of other meme coins, he has shown his high admiration for Dogecoin by incorporating it as a payment option for his businesses and promoting it as the most viable cryptocurrency.
Twitter already includes tipping tools for Bitcoin and Ethereum, as well as a verification option for NFT profile images, however, both crypto initiatives have waned due to design flaws or poor administration. Before the merger, Musk had outlined various alterations he wished to make to Twitter, including the payment integration of Dogecoin. Dogecoin can only be used to tip your favourite artists via third-party service providers.
In addition, he intended to adopt less stringent content supervision and open up Twitter’s source code, possibly allowing additional crypto projects to be connected with the network.
Ahead of the current dispute, Dogecoin fans were ecstatic that a favourable conclusion would elevate the coin’s reputation and propel the parody coin’s price to the stratosphere. However, it seems that this vision is still far off, as Musk’s reluctance in the transaction grows.
Since joining Twitter’s board in April and acquiring a 9.2 percent investment in the company, Dogecoin’s price has decreased by around 65 percent. Nevertheless, despite the deal’s decline, DOGE continues to hold up well – at least for the time being – despite the broader crypto market meltdown. This week, the price rebounded from a multi-year support level at $0.050. Investors have started purchasing more coins at this price because it represents “the final and most crucial floor”
Dogecoin is now trading at $0.063 following a 24-hour increase of 3.43 percent. Additionally, DOGE is being sold at a 90 percent or greater discount from its all-time high, making local purchases enticing.
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