Dogecoin Prices Rise 24%, Reason For Elon Musk Buying Twitter For $44 Billion
The deal is done between Twitter and Elon Musk, but the price has gone up for Dogecoin, popularly known as Mime Coin. Well, this is also normal, because Elon Musk has been openly supporting this cryptocurrency. This has happened on several occasions, when Dodgecoin prices have seen an increase following a statement by Allen. Then on Tuesday its price was about to increase. DodgeCoin appears to be benefiting from Elon Musk’s purchase of Twitter. This news has pushed Dodgecoin up 23.63 per cent and the cryptocurrency is trading at $0.1574.
This figure on CoinMarketCap is as of 12:15 pm on Tuesday. Dodgecoin’s price started showing an upward trend on Monday night after news emerged that Elon Musk was going to buy Twitter for $44 billion. Dodgecoin price rally from around 11.30 pm on Monday is still continuing and is currently heading towards achieving a growth of 24 per cent.
This is not the first time that news related to Musk has shown a rise in the price of Dodgecoin. Recently, Musk told several ways to improve Twitter. He also suggested that DodgeCoin should be a payment option on the social networking site. It remains to be seen how Elon Musk incorporates Dodgecoin into its ecosystem once Twitter is in control.
About a month ago, Elon Musk bought a 9 percent stake in Twitter. Allen was vocal about free speech on Twitter since then. The company had invited him to join the board of Twitter, which he turned down. A few days later, he disclosed his bid to buy Twitter to the US markets regulator Securities and Exchange Commission (SEC).
After this, the company announced late Monday that it has reached an agreement to give Elon Musk full ownership of the company for $ 44 billion at $ 54.20 per share. After this transaction is completed, Twitter will become a private company.
