Dogecoin climbs to 28% after Dogefather Elon Musk buys Twitter
The meme coin Doge was trading up 28 percent at $0.162 as of 01:10 ET. Tuesday’s IST is a development that comes just minutes after the announcement of Elon Musk’s acquisition of Twitter, according to data from CoinMarketCap.
Elon Musk bought Twitter for $44 billion. The deal comes nearly a month after the fickle billionaire publicly announced his nearly 9 percent stake in the microblogging site, making him Twitter’s largest single shareholder. After that, Musk was invited by Twitter. to join the company’s board of directors, which the former declined. Days later, he announced his offer to buy Twitter, according to a filing with the U.S. Securities and Exchange Commission (SEC).
It was reported on Monday that Musk had managed to put together a $46.5 billion funding package to acquire Twitter.
Twitter announced late on Monday that it had reached a “definitive agreement to be acquired by a company wholly owned by Elon Musk for $54.20 per share in cash in a transaction valued at nearly $44 billion.” US dollars”. Once this transaction is complete, Twitter will become a “private company”.
This isn’t the first time Elon-related news has sparked a rally in the popular cryptocurrency
The token has rallied many times due to Musk’s comments. Elon Musk recently suggested several ways microblogging site Twitter could be improved. He also advised that Dogecoin should be a viable payment option on the social networking site.