Dogecoin surged more than 20% after Twitter’s board agreed to sell the social media company to multibillionaire, Elon Musk.
The price of Dogecoin jumped from $0.12 to $0.16 a few hours after Tesla’s CEO was announced to be the owner of Twitter.
Dogecoin was up over 27% and the coin’s last up was 19.9%.
Dogecoin (DOGE) is one of the most popular meme coins. It is based on the 2013 Internet meme Doge.
Elon Musk is very fond of Dogecoin, he is also known as Doge Father.
Musk started tweeting about Dogecoin in early 2021, since then he had tweeted a lot about Dogecoin.
One of his popular tweets about Dogecoin, “SpaceX will put a “literal Dogecoin” on the “literal moon,” like every tweet this also resulted in a jump in the price of DOGE.
Now the matter is such that whatever Elon Musk does, its effect is seen in the price of DOGE.
Along with the surge in the price of Dogecoin, the Twitter stock also saw a rise of over 5%.
According to the press release, Twitter shareholders will receive $54.20 in cash for each share of Twitter they own, with a transaction value of approximately $44 billion.
“Free speech is the bedrock of a functioning democracy, and Twitter is the digital town square where matters vital to the future of humanity are debated,” Musk said in a statement included in the press release. “I also want to make Twitter better than ever by enhancing the product with new features, making the algorithms open source to increase trust, defeating the spam bots, and authenticating all humans. Twitter has tremendous potential – I look forward to working with the company and the community of users to unlock it.”
Fans are very happy with Elon Musk’s purchase of Twitter. But some are outraged, arguing that Musk’s plans to transform Twitter are not trustable and unhappy with Musk owning Twitter.