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Dogecoin up 22% after Dogefather Elon Musk buys Twitter

Dogecoin up 22% after Dogefather Elon Musk buys Twitter

The cryptocurrency started rallying after murmurs of Musk's Twitter takeover were out.

Elon Musk has bought Twitter Elon Musk has bought Twitter

The memecoin Doge was trading up 22.14 per cent at $0.162 as of 01:10 am IST on Tuesday as per data from CoinMarketCap, a development that comes minutes after Elon Musk's Twitter takeover was announced to the public.

Data as per CoinMarketCap

Elon Musk has bought Twitter for $44 billion. The deal comes almost a month after the mercurial billionaire entrepreneur disclosed publicly his almost 9 per cent stake in the microblogging site, making him the single largest individual shareholder of Twitter. Following this, Musk was invited by Twitter to join the company's board, which the former declined. Days after this he disclosed his bid to buy Twitter, as per a filing with the US markets regulator Securities and Exchange Commission (SEC). 

Earlier on Monday it was reported that Musk had managed to put together a $46.5 billion funding package to acquire Twitter. 

Twitter announced late on Monday that it has entered into a “definitive agreement to be acquired by an entity wholly owned by Elon Musk, for $54.20 per share in cash in a transaction valued at approximately $44 billion”. Once this transaction is complete Twitter will become a “privately held company”.

This is not the first time Elon Musk related news has caused a rally in the popular cryptocurrency. 

The token has many times witnessed rallys because of Musk's comments.

Recently, Elon Musk had suggested several ways in which the microblogging site Twitter could be improved. He also suggested that Dogecoin should be a viable payment option on the social networking site.

It would be interesting to see how Elon Musk incorporates Dogecoin in the Twitter ecosystem. 

Also Read: Elon Musk buys Twitter for $44 billion

Also Read: And it’s done. Elon Musk now owns Twitter.