After weeks of allegations, Elon Musk is buying the popular social media platform Twitter for $44 billion. After the acquisition, the cryptocurrency community wondered if Elon Musk would soon add Dogecoin (DOGE) payments to Twitter, while the price of DOGE rose by more than 20 percent to become one of the top 10 cryptocurrencies by market capitalization. Here are the details…
Elon Musk buys Twitter
As we have also reported as Kriptokoin.com, Musk, who has become official to buy Twitter, will start “new features” by “making algorithms open source”. aims to “increase trust”, beat spam bots and “verify all people”. In addition, Musk recently suggested the use of Dogecoin as a payment method in subscription services called Twitter Blue. Now that he owns the entire company, will this really bring about change?
Elon Musk said in a tweet posted on his now-owned platform, “Twitter has tremendous potential – I look forward to working with the company and its user community to unlock it.” said. In the landmark deal, Musk – backed by Morgan Stanley – will buy Twitter for about $54.20 per share.
Dogecoin entered the top 10
This move by Elon Musk increased the price of Dogecoin by close to 25 percent. The meme coin surpassed other cryptocurrencies such as Avalanche (AVAX), TerraUSD (UST) and Polkadot (DOT) as its market capitalization increased and took the tenth place. Also, its price rose as high as $0.17 in the last 24 hours. In their statement on the subject, Santiment, the on-chain analytics platform, said:
Potentially linked to the news that Elon Musk will officially take over Twitter, Dogecoin has pumped about 19 percent in the past six hours. We have historically seen that Memecoins benefit from Musk developments.
With the latest move, Dogecoin (DOGE) seems to be covering its 2022 losses largely. Teong Hng, CEO of Hong Kong-based crypto investment firm Satori Research, said, “Elon has openly supported Dogecoin and has spoken positively about this token before. The market expects it to include Dogecoin as a payment system, this is the reason for the rally,” he said.
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