Dogecoin Jumps 35% As Elon Musk Finalizes Twitter Buyout
Dogecoin once again proved its strong ties with self-proclaimed “Dogefather” Elon Musk who highlighted his Twitter takeover on Thursday evening with reports of him firing key officials of the social media giant.
Still riding the momentum of the bullish run that the crypto market experienced just days ago, DOGE capitalized on the Musk-related development as it surged by 15% in just 24 hours. It also increased by 10% shortly after the billionaire changed his Twitter bio to “Chief of Twit,” and tweeted, “the bird is freed.”
Musk also uploaded a nine-second clip of himself walking into Twitter’s offices in San Francisco, California. The billionaire made a grand entrance, holding a sink aloft to emphasize his point: “Let that sink in.”
Dogecoin’s rally, however, was short-lived as tracking from Coingecko shows Dogecoin is trading at $0.0744. At press time, the meme coin has declined by 6.7% on its intraday chart.
Still, the dog-themed altcoin is tallying impressive gains of 25.1% and 24.8% on a weekly and biweekly timeframe, respectively. Moreover, it is still up by 35% since Monday.
Biggest Fan Of Dogecoin Now Owns Twitter
Following his criticisms about the social media platform’s censorship and bot issues, Musk – the Tesla CEO – became part of the company’s board. That, however, wasn’t enough for the famous Dogecoin supporter who eventually decided to purchase Twitter for $44 billion.
That offer was rescinded by Musk upon learning that the firm underreported on problems that involved Twitter bots. This resulted in significant drop in the company’s stocks price – and upset Twitter bosses as they threatened to sue Musk on the grounds of the role he played that caused their company’s stocks’ value to tank.
Musk later agreed to reinstate his offer to purchase Twitter – a deal which was closed on Thursday evening and meant the social media giant is under new management.
Following this development, Twitter CEO Parag Aggarwal, and CFO Ned Segal, were initially reported to have resigned from their positions.
Succeeding reports from various news outlets, however, disclosed that Musk sacked the two, along with the company’s legal policy head, after the takeover.
Twitter’s Crypto Direction
It has been rumoured that Twitter is in the middle of prototyping its native crypto wallet although there are no official statements about this as of this time.
According to tech blogger Jane Manchun Wong, the wallet being worked on by the social media company has crypto deposit and withdrawal functionalities.
As to which cryptocurrencies or networks will be supported, or if Dogecoin will also be included in the list of accepted altcoins for the feature, there are also no reports yet up to this time.
Twitter has remained mum on this matter, but was already making progress with its crypto direction after rolling out a tipping feature last year that allowed users to send Bitcoin to creators through the platform.
In February this year, Ethereum was also added as virtual coin for the tipping feature.
With Musk as the new Twitter big boss, it won’t be surprising if he also allows Dogecoin to be used as means of payment for content creators using the social media platform.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.