In the crypto world dogecoinElon Musk, known for his interest in Twitter, made an offer to buy Twitter a while ago, and this offer was accepted. Today, there has been a new development and it has been announced that Musk’s offer has been terminated.
After the news that the agreement was terminated, the eyes shifted to Dogecoin and a 4% loss was seen in the price. DOGE, traded at $ 0.069, does not seem to react to the developments from the Elon Musk front recently.
Elon Muskannounced in a letter sent to Twitter by his lawyer late Friday that he was canceling the deal. The world’s richest person offered to buy Twitter for $43 billion earlier this year.
In the letter, on the platform spam and fake accountsIn the evaluation of Twitter, reference was made to Twitter’s lack of explanation. As Koinfinans.com, we have previously conveyed to you that the Tesla CEO paused the Twitter deal in May due to the same concerns.
world’s largest meme coin‘i rallied significantly at the initial announcement of the deal, after Elon Musk provided Dogecoin’s potential integration into Twitter.
Elon Musk was a fierce advocate of the meme coin even before the deal and is considered one of the key figures in DOGE’s rise in popularity. But this effect may be waning. Musk’s Boring CompanyA recent announcement from accepting Dogecoin for some of its products had limited impact on the token.
Twitter can now take legal action against Musk for following the deal, which could spark a protracted legal battle between the two. Given that Elon Musk is one of the biggest supporters, this could have a negative impact on Dogecoin prices. A separate lawsuit against Elon Musk regarding alleged fraud involving DOGE could also have a negative impact on the token.
Do you think these events will reduce the price of Dogecoin or will the meme coin be able to maintain its strength on its own?
You can follow the current price action here.
Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, Koinfinans and the author of this content cannot be held responsible for personal investment decisions.