Dogecoin (DOGE) soared nearly 30% Tuesday after Elon Musk agreed to acquire Twitter Inc for $44 billion, multiple news outlets reported.
The cryptocurrency featuring a Shiba Inu meme, which has long been a favorite of the centibillionaire, was up 22.14 percent to $0.162 as of 01:10 a.m. IST Tuesday, according to CoinMarketCap statistics. Twitter’s stock closed 5.6 percent higher on the day.
This development comes minutes after Musk’s Twitter takeover was made public.
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Late Monday, Twitter announced that it has reached a “definitive agreement to be bought by an entity entirely owned by Elon Musk for $54.20 per share in cash, in a transaction valued at about $44 billion.”
Once the transaction is finalized, the social media behemoth will revert to a status as a “privately held corporation.”
Recently, Musk had suggested several ways in which Twitter could be improved. (Image credit: Deadline)
In a statement on Monday, 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.”
The Rise Of Dogecoin
Musk has been a vocal proponent of digital currencies; he recently stated that he would not sell his Dogecoin and would also retain his Bitcoin and Ether holdings.
The rise of Dogecoin, a so-called memecoin — so-called because it is mostly based on an online joke rather than a substantial blockchain project — has been spurred by the Tesla CEO.