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Dogecoin (DOGE) Spikes Over 8% As Elon Musk Proposes to Buy Twitter for Original Price

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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. 

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Lele Jima
Lele Jima
Lele Jima is a cryptocurrency enthusiast and journalist who is focused on educating people about how the nascent asset class is transforming the world. Aside from cryptocurrency-related activities, Jima is a lover of sports and music.

Disclaimer: The content is for informational purposes only, may include the author's personal opinion, and does not necessarily reflect the opinion of TheCryptoBasic. All Financial investments, including crypto, carry significant risk, so always do your complete research before investing. Never invest money you cannot afford to lose; the author or the publication does not hold any responsibility for your financial loss or gains.

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