2 years ago
Shaurya is an analyst/editor for CoinDesk's markets squad successful Asia.
Dogecoin (DOGE) surged by 9% successful the past hr pursuing reports of Elon Musk being adjacent to purchasing the entirety of Twitter astatine $54.20 a share.
DOGE surged to arsenic overmuch arsenic $0.14 astatine penning clip from the $0.12 level successful Asian greeting hours. Twitter (TWTR) futures trading successful Frankfurt jumped 6.48%, data show.
Dogecoin prices surged amid reports of Musk's Twitter takeover. (TradingView)
Social media elephantine Twitter is moving retired the presumption of the transaction that could scope an statement arsenic soon arsenic Monday, arsenic per Reuters. Musk, who owns electrical car shaper Tesla and abstraction exploration steadfast SpaceX, among different businesses, currently owns 9.2% of Twitter arsenic per a filing earlier this month.
Tokens of Dogecoin and Musk’s imminent takeover of Twitter are not straight correlated. However, some analysts accidental Musk’s repeated endorsement of the memecoin attracts speculation from crypto investors hoping for Dogecoin to beryllium included successful Twitter’s semipermanent plans.
“The speculation is that advertisers could beryllium capable to wage DOGE for ads and for different uses connected Twitter,” Kryptomon Chief Marketing Officer Tomer Nuni explained to CoinDesk earlier this month. “We person seen the aforesaid happening erstwhile Tesla revealed the quality to wage for its goods with DOGE. So the speculation could beryllium astir Musk’s businesses and stakeholdings starting to judge crypto, arsenic Tesla does.”
Earlier this month, Musk teased DOGE payments connected Twitter successful a tweet, proposing dogecoin arsenic 1 of the outgo options for Twitter Blue, the site’s subscription work with premium features.
Tesla already accepts DOGE payments connected its online merchandise store. Musk has besides antecedently lent enactment to dogecoin improvement and adoption, specified arsenic a May 2021 tweet that saw Musk authorities helium was moving with dogecoin developers to amended strategy efficiency.
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Shaurya is an analyst/editor for CoinDesk's markets squad successful Asia.
Shaurya is an analyst/editor for CoinDesk's markets squad successful Asia.
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