Dogecoin, the meme cryptocurrency was trading over 20% up at $0.1677 on Tuesday, according to statistics from CoinMarketCap, after Elon Musk’s Twitter takeover was made public.
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Elon Musk has paid $44 billion for Twitter. The agreement comes about a month after the Tesla and SpaceX chief made public his almost 9% stake in Twitter, making him the microblogging site’s single largest individual shareholder.
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Following this, Musk was invited to join Twitter’s board of directors, which he rejected. He announced his proposal to purchase Twitter a few days later, according to a filing with the US markets regulator Securities and Exchange Commission (SEC).
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Bitcoin was trading 3.24% higher from 24 hours ago to around $40,525.73. Ethereum was trading at around $3,004.98, up 5.11%, according to Coinmarketcap data. Earlier on Monday, it was reported that Musk had managed to put together a $46.5 billion funding package to acquire Twitter.
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Late Monday, Twitter announced that it has reached a “definitive agreement to be bought by a company fully owned by Elon Musk, for $54.20 per share in cash in a deal valued at approximately $44 billion.” Twitter will become a “privately held company” after this deal is completed.
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It isn’t the first time Elon Musk-related news has prompted the popular cryptocurrency to surge. Because of Musk’s statements, the token has seen many rallies.
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Musk sent a series of tweets on April 9 regarding Twitter Blue, the social media platform’s subscription services that include features like allowing users to use their non-fungible tokens, or NFTs, like profile images. In January, Musk pushed Tesla to accept dogecoin as payment for select merchandise. He said in December that dogecoin is better for transactions than bitcoin.
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Supporters of Dogecoin are hopeful that if Musk takes over the social media platform, he would boost usage of the Shiba Inu-themed cryptocurrency.