Dogecoin Price Surges 8% Amid Elon Musk Twitter Deal Update

Dogecoin (DOGE) Price Rallies Despite Sluggish Market Conditions
  • According to the report, the billionaire sent Twitter a letter proposing the revival.
  • The result was a 12.67% increase in the value of Twitter shares that day.

Following the revival of Elon Musk’s takeover discussions, rumors have circulated that Dogecoin (DOGE) might replace the dollar as Twitter’s official currency. Recent reports indicate that Musk is offering to acquire Twitter at the first bid price of $54.20 per share. In this light, further conjecture has arisen as a consequence of Elon Musk’s apparent involvement with the DOGE project. The DOGE Army on Twitter is divided over whether or not Dogecoin should become Twitter’s official currency.

Elon Musk Effect

With a current market worth of $8.58 billion, Dogecoin is the most valuable meme coin in the cryptocurrency market. Previously, Elon Musk has tweeted multiple times about DOGE. The price of Dogecoin (DOGE) generally increased when Tesla’s founder mentioned it. The value of the meme coin skyrocketed as news spread that Elon Musk had made a new offer to acquire Twitter.

CoinMarketCap reports that the current price of DOGE is $0.06558, up 8.51 percent in the past 24 hours. The fact that meme coin is trading so near to its monthly high of $0.067 is indicative of the influence Elon Musk has had on the market.

Bloomberg claims that Musk is seriously considering purchasing Twitter at the initial offer price of $54.20 per share. According to the report, the billionaire sent Twitter a letter proposing the idea. The result was a 12.67% increase in the value of Twitter shares that day. The DOGE community was similarly ecstatic to hear the news. Many twitter users expressed interest in having DOGE adopted as the platform’s official native currency.

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