Dogecoin (DOGE) skyrocketed by 15% following the unanimous approval by the social network’s Board of Directors for Musk’s Twitter takeover
Elon Musk Twitter Bid Accepted
According to the New York Post, Elon Musk’s offer to buy Twitter was unanimously accepted by the social network’s Board of Directors. DOGE, which had been gaining all day on reports of possible transaction approval, reacted immediately with a 9% gain, increasing the daily gain to nearly 19 percent.
Dogecoin now has a market capitalization of $8.9 billion dollars, with a price per DOGE of 0.0685 cents. The old memecoin, now a payment instrument, is ranked tenth by market capitalization on CoinMarketCap.
DOGE Price Increases After Musk Takeover Approval
The acts of the coin’s biggest proponent, Elon Musk, are the key reason for the coin’s quick rise in value. Musk, for example, indicated not long ago that it makes sense to incorporate Twitter payments, including cryptocurrency, and proposed that the Twitter Blue service be paid in DOGE. When the news of the bid approval arrived, the prices skyrocketed.
On the subject of Twitter payments, the entrepreneur’s comments about the prospect of charging some users for Twitter are also worth noting.
According to that remark, access would have to stay free for ordinary users, but it will most likely cost a small fee for commercial and government accounts. It’s unclear what these quantities will be or what the criteria will be.
Musk has yet to respond to the latest developments. Recall that his purchase of Twitter was met with a lot of backlash. The sale was put on hold after the first announcement of the purchase in April when Tesla’s founder wanted to perform an audit of the number of bots.
The process then stalled, and there were even speculations that the Board of Directors might file a lawsuit against the entrepreneur. It’s also worth noting that after the initial news of Musk’s purchase of Twitter, Dogecoin’s price soared by 30%, more than doubling its current rate of growth.
