Dogecoin (DOGE) Shoots 30% As Elon Musk Strikes Deal to Acquire Twitter

26. Apr 2022 Posted by Akolkar B on News

Meme cryptocurrency Dogecoin (DOGE) is back in action after a while after Elon Musk managed to strike a deal for the complete takeover of Twitter for $44 billion on Monday, April 25.

Dogecoin investors cheered with the hope that Elon Musk might bring DOGE payments to the Twitter platform. In the last 24 hours, the DOGE price is trading at a 30% premium at a price of $0.16 and a market cap of $21.3 billion.

With this Dogecoin once again enters into the list of top ten cryptocurrencies by market cap jumping four ranks in a single day. Elon Musk has been an ardent supporter of Dogecoin (DOGE) since a long time.

In fact this year in January 2022, Musk also facilitated DOGE payments to buy merchandise at Tesla. Furthermore, after acquiring a 9.2% stake in Twitter earlier this month, Musk proposed some changes to the platform after which he also proposed DOGE payments for the Twitter Blue subscription services.

Musk’s love for Dogecoin extends to the point that he believes DOGE to be well suited as a means of daily payments, over Bitcoin. Well, it is clearly not sure as to what major changes has Musk planned for Twitter.

However, one thing is sure that by taking Twitter private once again, Musk will focus majorly on controlling the speed of misinformation on the platform. Besides, he also seems to be planning to fight the bot army at the earliest.

Speaking post the Twitter acquisition, Musk said: "Free speech is the bedrock of a functioning democracy, and Twitter is the digital town square where matters vital to the future of humanity are debated. I also want to make Twitter better than ever by enhancing the product with new features, making the algorithms open source to increase trust, defeating the spam bots, and authenticating all humans. Twitter has tremendous potential – I look forward to working with the company and the community of users to unlock it”.

Besides, Twitter founder Jack Dorsey also appreciated this development saying: “Elon’s goal of creating a platform that is “maximally trusted and broadly inclusive” is the right one. Thank you both for getting the company out of an impossible situation. This is the right path...I believe it with all my heart. I’m so happy Twitter will continue to serve the public conversation. Around the world, and into the stars!”