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Elon Musk’s decision to push with buying Twitter shoots up Dogecoin prices

Dogecoin prices shoot up after Elon Musk decides to push for buying Twitter
Dogecoin prices shoot up after Elon Musk decides to push for buying Twitter

Image source: CNN

On Tuesday, news of Elon Musk pushing to go through with acquiring Twitter shook the crypto space as Dogecoin made an 8% jump.

According to Bloomberg, Musk’s attorneys sent a letter the night before, proposing he buys the company for his original offer: $54.20 per share.

One the news broke out, DOGE shot up 8.1% to $0.0648, as provided by CoinGecko.

Elon Musk and Dogecoin

The Tesla CEO and Dogecoin have shared a long history.

In the past decade, Elon Musk touted DOGE in several tweets that he claimed were ironic when he started talking about them.

However, as years went by, there appeared to be a real working relationship with the Dogecoin developers.

Whether he was joking or not, Musk’s tweets about DOGE typically helped the token’s price skyrocket.

For example, in May 2021, when Musk was tipped to host “Saturday Night Live,” the anticipation helped DOGE reach an all-time high of $0.72.

However, in the year that followed, the coin crashed over 90%.

Elon Musk and Twitter

For months, Elon Musk’s bid to buy the social media platform has been embroiled in drama and plot twists.

When he initially proposed to buy Twitter, the board hesitated and took measures to prevent a hostile takeover.

However, the board decided to take up a $44 million offer from Musk within weeks.

Elon Musk later backtracked, saying that the social media platform’s usership had more spam bots than Twitter initially said.

The Tesla CEO later tried to cancel the deal in July despite Twitter insisting the deal push through as planned.

They also said Musk was contractually obligated to fulfill his part.

The situation today

Months later, Elon Musk decided to change his mind.

While it remains to be seen what prompted the Tesla CEO to make a U-turn on his decision, the news has been influential across the crypto and stock market.

As of this writing, Twitter’s stock stands at $51.67.

If the deal is finalized, it could also be beneficial for Dogecoin.

In April, when Musk proposed to buy Twitter, he said he could see adding DOGE as a payment method.


Dogecoin pumps as Elon Musk agrees (again) to buy Twitter

Opinions expressed by Coin Week contributors are their own.