Dogecoin Price Up Before Elon Musk’s Twitter Acquisition
Elon Musk, the creator of Tesla, tweeted about his reasons for buying the social media juggernaut Twitter just one day before it was officially acquired on Friday. Total expenses for the transaction will be $44 billion. Musk stated that one of the reasons he purchased Twitter was so that he could develop this community into a shared digital town square where everyone could express their varied viewpoints without running the risk of online violence. The news has been reflected in Dogecoin's (DOGE) pricing.
Elon Musk also stated that:
In addition to abiding by local laws, our platform must be kind and open to everyone, allowing you to customize your experience to suit your tastes, just as you may select, for instance, to watch movies or play videos that range in age from all the way up to mature.
Prior to Musk's post, the price of DOGE had already increased by 30.6% over the previous week, rising by 15.23% on Wednesday to reach its highest level since mid-August of $0.081. Musk revealed in December that Tesla would test accepting dogecoin as payment for its goods.
However, Musk's cryptocurrency ambitions for Twitter remain a mystery. Now that we think about it, are there any chances Musk will accept cryptocurrency payments on Twitter if he successfully acquires Twitter on Friday (which is highly likely)? particularly Dogecoin. This may be the cause of the enthusiastic response from die-hard Dogecoin supporters to this purchase.
The purchase of Twitter has been a drawn-out affair that has lasted for months. On April 14, Musk made his initial offer to purchase Twitter. Twitter first rejected the offer, but on April 25 accepted a $44 billion offer. Twitter was attempting to use a trial later in July to compel Musk to continue the contract. The trial began in October, and around October 4 Musk made the decision to buy Twitter regardless of the outcome of the case. Additionally, he went to the Twitter headquarters yesterday, which helped drive up the price of DOGE.
Are you bullish or bearish on the Dogecoin price? Trade it here.