Elon Musk officially buys Twitter for $44 billion. Dogecoin soared almost 30%. 

Elon Musk Buys Twitter, Dogecoin Goes Up

Dogecoin (DOGE) saw a sharp increase in value following Twitter’s official decision to sell the social network to Elon Musk. According to CoinMarketCap, the meme coin grew by about 30% for the last 24 hours and by over 15% for the previous seven days. 

The surge took Dogecoin to 10th place in terms of capitalization. Another meme coin, Shiba Inu, which recently competed with DOGE, is in 15th place. 

Elon Musk is a long-time Dogecoin “ambassador” that owes much of its current popularity to Tesla CEO’s tweets. The billionaire has similarly influenced less well-known tokens. Accordingly, the news about the $44 billion purchase of Twitter by Elon Musk significantly pushed the value of DOGE up. Both parties plan to close the deal by the end of 2022. 

From a technical point of view, Elon Musk is buying only a part of Twitter because $25.5 billion for the deal was allocated by a group of banks led by Morgan Stanley. 

The billionaire commented on the deal on his Twitter. As he said, he plans to take an active part in the work of social media, extending its functionality, finalizing the algorithms of recommendations, defeating spam bots and introducing the mandatory authentication of all users. The billionaire’s main goal is to increase Twitter’s credibility.

Author: Evgeny Tarasov
#Cryptocurrency #Dogecoin #News