- Elon Musk has actually reached an agreement to acquire Twitter for around $44 billion, at $54.20 a share.
- Musk previously teased DOGE payments on Twitter, fueling a favourable belief among holders.
- Dogecoin rate uploaded double-digit gains following the information of the purchase.
There is no straight correlation in between Elon Musk’s Twitter procurement and also Dogecoin cost, yet the tech entrepreneur has actually teased regarding intro of DOGE payments on the social media platform. Advocates are favourable on the prospect of higher utility and adoption of DOGE, driving the meme coin’s price higher.
Dogecoin climbs up 30% on information of Twitter procurement
Tesla CEO executive officer Elon Musk got Twitter at approximately $44 billion, paying a 38% costs on the marketplace price of the social networks titan’s shares.
Jack Dorsey, Chief Executive Officer of Square, who possessed a 2% stake in Twitter tweeted,
‘In principle, I don’t believe anyone should own or run Twitter. It wants to be a public good at a protocol level, not a company. Solving for the problem of it being a company however, Elon is the singular solution I trust. I trust his mission to extend the light of consciousness.’
Interestingly, Elon Musk’s purchase of Twitter in an all-cash deal has garnered much attention from Dogecoin holders and the meme coin’s community. After joining the Twitter board, Musk proposed several changes to the Twitter Blue premium service, including DOGE payments, price reduction (of the subscription), and authentication checkmarks.
Therefore, market participants appear bullish on the prospect of enabling Dogecoin payments on Twitter’s premium service since Musk has repeatedly endorsed the meme coin.
Tesla already accepts DOGE payments on its online store, reaffirming investors’ belief that the meme coin could gain acceptance as a payment method for ads and subscriptions on the social media platform Twitter.
On-chain data shows a spike in large transactions with a value greater than $100,000 on the Dogecoin network, which coincides with the rising price action. Such market behaviour is indicative of institutional players’ and whales’ activity. These individuals could be investing or positioning themselves for a big price move.
Dogecoin prepares for climb to $0.20
Dogecoin price is on track to continue its recovery post the crypto market bloodbath. While altcoins in the top 30 are struggling to wipe out losses, metaverse tokens and meme coins like Dogecoin and Shiba Inu have made a comeback.
Dogecoin’s co-founder, Billy Markus, Tesla CEO Elon Musk and Robinhood CEO Vladimir Tenev recently discussed possible improvements and future of the meme coin.
The commission-free exchange’s CEO posted a tweet asking his followers if Dogecoin can truly be the future currency of the internet and the people. Adding that after introducing DOGE transactions on Robinhood, he has pondered upon the question, observing the typical transaction fees and how networks change.
Analysts have evaluated the Dogecoin price trend and predicted a rally to $0.20. FXStreet analysts note Dogecoin price is stuck between $0.13 and $0.15, breaking the $0.13 support level and forming higher highs and lower lows could push the altcoin past resistance to its target at $0.20.
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