Elon Musk has announced that he is returning to his agreement to buy Twitter. That’s why Dogecoin (DOGE) closed yesterday with a 10 percent increase. Earlier, Elon Musk said that he is considering bringing DOGE payments to Twitter if the social media platform is acquired. So what’s next? Here are the details…
Elon Musk continues to influence the markets
According to a report shared yesterday, Tesla CEO Elon Musk will make a new attempt to buy Twitter. The saga between Elon Musk and Twitter began when Musk bought more than 70,000,000 shares of TWTR (9.2% of the company) in April this year. Shortly after, he promised to buy the firm for $44 billion and turn it into a private enterprise.
Next cryptocoin.com As we reported, Musk gave up on buying Twitter. The reason behind this was that Twitter did not reveal data for bots on the platform. Thereupon, Twitter sued Musk for terminating the deal. In fact, the case will take place in mid-October.
What’s next?
In his new proposal, the Tesla founder is ready to buy the company for a price of about $44 billion. In other words, he did not make any changes in his proposal. Twitter itself is ready to accept the billionaire’s offer, as the official account of the social network explains. It is assumed that after processing an application will be created on Twitter, which combines several services.
With an investment of $ 500 million, many other funds and investors, including Binance, joined the deal along with Musk. If there is still a chance with DOGE payments, then Twitter’s transition to Blockchain is not expected. Such an offer was previously rejected by the potential owner of the social network. At the time, Musk said that due to the scale of Twitter’s internal system, decentralization would be impossible with a simple peer-to-peer system.
What is the latest situation in Dogecoin price?
Despite being irrelevant to the Twitter topic, Dogecoin’s price skyrocketed in the news. Since the news broke, the cryptocurrency has exploded by about 8.2 percent. This is because Musk is one of the most popular proponents of the meme coin. It is also a waste of both time and resources trying to improve the coin. It is worth noting that earlier this year, electric vehicle giant Tesla started selling products for Dogecoin.
DOGE is changing hands at $0.064 at the time of writing. Ranking tenth with a market capitalization of $8.5 billion, the cryptocurrency has risen by 5.8 percent in the last 7 days. On the other hand, it fell by 73.6% in the last year. Already, DOGE is well below its record of $0.73, set on May 8, 2021.
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