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Dogecoin surges amid reports of Twitter planning to accept Musk’s $43B takeover bid
By Arghyadeep Dutta - Apr 25, 2022, 07:44 PM ET
Last Updated - Feb 23, 2024, 08:08 AM EST
Dogecoin surged nearly 15% on Monday after the reports suggested Twitter is poised to accept Elon Musk’s $43 billion acquisition deal, which shook the market
• Experts think Musk’s repeated endorsement of Dogecoin is attracting crypto investors
• Musk hinted Dogecoin to be a payment option for Twitter Blue
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Dogecoin surged nearly 15% on Monday after the reports suggested Twitter is poised to accept Elon Musk’s $43 billion acquisition deal, which shook the market.
The digital currency jumped to $0.15 at 1.30 pm ET and over 21% from the $0.12 level within six hours.
Reports said Twitter Inc (NYSE: TWTR) is working out the terms of the transaction and could reach an agreement as soon as Monday.
Musk, the CEO of electric car maker Tesla Inc (NASDAQ: TSLA), who currently owns 9.2% of the social media company, last Thursday said that he has secured $46.5 billion in debt and equity financing.
Although Dogecoin’s price and Musk’s takeover interest are not directly correlated, experts think the billionaire’s repeated endorsement of the meme coin is attracting crypto investors, speculating that the digital currency is to be included in Twitter’s long-term plans.
“The speculation is that advertisers could be able to pay DOGE for ads and for other uses on Twitter,” Kryptomon Chief Marketing Officer Tomer Nuni explained to CoinDesk earlier this month.
“We have seen the same happening when Tesla revealed the ability to pay for its goods with DOGE. So the speculation could be around Musk’s businesses and stake holdings starting to accept crypto, as Tesla does.”
Earlier this month, the billionaire teased crypto payments for Twitter Blue, proposing Dogecoin as one of the payment options for the social media platform’s subscription service with premium features, in a tweet.
Tesla has already been accepting DOGE payments on its online merchandise store since January.
Picture Credit: Financial Express
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