DOGE rallies after Musk proposed buying Twitter.
Canine-themed cryptocurrency, Dogecoin (DOGE) is having an interesting rally today after Bloomberg reported today that Elon Musk has proposed to purchase Twitter Inc. for the original offer price of $54.20.
Following the announcement, the price of Dogecoin immediately spiked 8.1% to $0.0648. Dogecoin plunged alongside other cryptocurrencies in the market since last week due to Bitcoin’s massive volatility.
Earlier today, Dogecoin was changing hands for around $0.0599, according to data from Coingecko. Fast forward to a few hours after the Tesla CEO and founder Twitter acquisition plan was announced, the value of DOGE jumped to $0.0656. At the time of writing, Dogecoin is trading around $0.0648 across major cryptocurrency exchanges.
What’s Fueling Dogecoin?
It is not surprising to see DOGE spike to nearly 10% after Musk’s proposal to buy Twitter Inc. became public. For DOGE enthusiasts, with Twitter facing a future under the leadership of Musk, there is a tendency for the Tesla boss to make decisions that will be in favor of the canine-themed cryptocurrency on the microblogging platform.
Notably, the development comes months after Musk said he would not proceed with the deal due to the insincerity of Twitter execs. However, the team behind the microblogging platform threatened to sue Musk for backing out of the deal.
Surprisingly, sources say Musk has made a U-turn and is now proposing to buy Twitter for the original offer price.