Dogecoin Surges After Musk Announces Acquisition of Twitter for Around $44bn

Dogecoin was last up to more than 20% after Elson Musk, the new boss of Twitter, officially announced the acquisition of Twitter for $54.20 per share, making it a total of $44 billion.

After the acquisition of Twitter’s share rose 5.66% on Monday and is currently trading at around $51.7, up 0.41% to $51.91 after hours.

If all goes well, the transaction may close within this year.

Apart from the acquisition of Twitter, Dogecoin, an altcoin cryptocurrency founded in 2013 based on the popular Doge meme. It is one of the more colorful coins on the cryptocurrency spectrum and also benefits from the acquisition.

According to data from CoinMarketCap, the meme cryptocurrency has gained about 17.58% after the acquisition of Twitter. It has gained this figure over the past 24 hours at the time of writing. It is currently ranking 10th by market cap with a market cap of $19,983,688,904.

Musk tweeted “Dog Daddy on SNL on May 8” and announced that he would be hosting “The Saturday Night Show” as “Dog Daddy.” The tweet rekindled positive investor sentiment towards Dogecoin. So the meme-based cryptocurrency quickly surged by more than 30%.

Further, in a statement on Monday, Musk said that:

The high profile Tesla boss is often seen tweeting about Dogecoin and these crypto-assets via Twitter.

In addition, Musk’s Tesla is also one of the largest corporate buyers of Bitcoin. Even Musk is even hinting at the possibility of continuing to accept Bitcoin payments for its electric automobiles in the near future and after the acquisition of Twitter.

Author: admin