Following speculations that Elon Musk is close to buying the entire Twitter for $45 billion at $54.20 a share, Dogecoin has risen about 40% in the last 12 hours.
This morning, the majority of big cryptocurrencies started their aggressive sell-off, and DOGE was not exempted. The coin dropped as low as $0.1225, after Bitcoin’s plunge below $39k, its lowest level in six weeks.
However, DOGE’s fortunes reversed when it was revealed that Elon Musk, the self-proclaimed Doge Father, is on the verge of acquiring Twitter and making the social media platform private in order to foster free speech.
Dogecoin (DOGE) hit a two-week high of $0.1711 on Binance on April 25, according to TradingView, as traders took advantage of the momentous news of the buy-out arrangement to obtain market-beating returns. Trading in Twitter (TWTR) futures also increased by 6.48 percent.
Elon Musk has become a well-known personality among those who are even remotely interested in cryptocurrency. With 83.7 million Twitter followers, Tesla and SpaceX CEO Elon Musk has been shaking up the crypto industry with his humorous tweets and is also known as the most influential Dogecoin fan.
Musk previewed DOGE payments on Twitter earlier this month in a post, proposing DOGE as one of the payment choices for Twitter Blue, the site’s premium subscription service.
Tesla’s online goods store already accepts DOGE payments. Musk has previously shown his support for the development and acceptance of dogecoin, such as in a tweet from May 2021 in which he stated that he was working with dogecoin developers to increase system efficiency.