Dogecoin jumps 35% as Elon Musk ends Twitter acquisition

Dogecoin once again proved his strong ties to self-proclaimed “Dogefather” Elon Musk who took the spotlight on Twitter take over Thursday evening with news of his dismissal of key officials of the social media giant.

We are still riding the bullish momentum that the cryptocurrency market witnessed just days ago, DOGE in capital letters On development related to Musk it increased by 15% in just 24 hours. It also increased 10% shortly after the billionaire changed his Twitter bio to “Chief of Twit”, and tweeted, “The bird is released.”

Musk also uploaded a nine-second clip of him walking into the Twitter offices in San Francisco, California. The billionaire made a grand entrance, holding a high basin to emphasize his point: “Let this sink in.”

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However, Dogecoin’s rise was short-lived as a trace of Koenigku It appears that Dogecoin is trading at $0.0744. At press time, the meme coin is down 6.7% on the daily chart.

However, the dog-themed altcoin is making impressive gains of 25.1% and 24.8% on the weekly and semi-monthly time frames respectively. Moreover, it is still up 35% since Monday.

Dogecoin’s biggest fan now owns Twitter

After his criticism about social media platform censorship and bot issues, Tesla CEO Musk became part of the company’s board of directors. However, that wasn’t enough for the famous Dogecoin fan who finally decided it shopping Twitter for $44 billion.

This offer was canceled by Musk after he learned that the company had not been adequately reported regarding issues involving Twitter bots. This led to a significant drop in the company’s stock price – and alarm Twitter chiefs threatened to sue Musk for the role he played in causing their company’s stock to fall in value.

Image: Elon Musk Twitter

Musk later agreed to reinstate his offer to buy Twitter — a deal that closed on Thursday night and means the social media giant is under new management.

Following this development, it was initially reported that Twitter CEO Parag Aggarwal and Chief Financial Officer Ned Segal had resigned from their positions.

But successful reports from various news outlets revealed that Mask article The two, along with the company’s head of legal policy, post the acquisition.

Twitter encryption trend

it has been rumor Twitter is in the middle of prototyping its original crypto wallet although there is no official data on this as of this time.

According to tech blogger Jane Manchun Wong, the wallet that the social media company is working on has crypto deposit and withdrawal functions.

As for what cryptocurrencies or networks will be supported, or if Dogecoin is also included in the list of accepted altcoins for this feature, there are also no reports at this time.

Twitter has remained silent about this, but it was already making progress in the direction of crypto after rolling out a tip feature last year that allowed users to send Bitcoin to creators through the platform.

In February of this year, Ethereum was also added as a virtual currency for the tipping feature.

With Musk being the new head of Twitter, it wouldn’t be surprising if he also allowed Dogecoin to be used as a means of payment for content creators using the social media platform.

DOGE total market cap at $10.6 billion on the daily chart | Featured image from Watcher Guru, Chart: TradingView.com


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