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Dogecoin Price Jumps 13% as Elon Musk Twitter Deal Nears Conclusion

Wed, 10/26/2022 - 13:18
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Tomiwabold Olajide
Dogecoin is set to be in public eye if Twitter deal is successful
Dogecoin Price Jumps 13% as Elon Musk Twitter Deal Nears Conclusion
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Dogecoin price is up 13% in the last 24 hours at $0.067, per CoinMarketCap data. In a video conference call with bankers who are helping to finance the deal, Tesla CEO Elon Musk reportedly promised to conclude the acquisition of Twitter by Friday, according to a Bloomberg article.

As a result of the news, Twitter stock rose, nearing Musk's $54.20 acquisition price. Dogecoin experienced a similar rise, climbing from lows of $0.059 on Oct. 25 to highs of $0.069 at the time of writing.

Elon Musk Gives One Reason Why He Supports Dogecoin: Details

According to Bloomberg, the most recent developments might indicate that Musk was about to complete the transaction before the deadline of Oct. 28 set by the court.

Meanwhile, the CEO of Binance, Changpeng Zhao, has stated that he intends to support Elon Musk's proposed $44 billion acquisition of Twitter Inc., despite possible worries from Washington regarding the support of foreign investors.

Changpeng Zhao responded, "I think so," when asked if he would honor his financial agreement with Musk. As part of its plan to bring social media and news websites into the Web3 era, Binance said in May that it had committed $500 million to Musk's proposed acquisition of Twitter.

Dogecoin developer speaks on beneficial upgrade

Dogecoin is set to be in the public eye if the Twitter deal is successful, as Elon Musk floated the idea of using it as a form of payment on social media.

Musk, a Dogecoin proponent, cheered Dogecoin's most recent core update by tweeting "upgrades." According to Dogecoin developer Shafil Alam, "Adding TorV3 support remains an important protocol upgrade for Dogecoin."

Explaining what the upgrade entails, Dogecoin-focused Twitter account Mishaboar, wrote, "The devs are picking code from old Bitcoin Core commits, integrating it within Dogecoin Core-experienced Bitcoin developers could certainly provide help. TorV3 allows privacy and anonymity to node operators and increases network resilience against targeted node attacks."

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About the author

Tomiwabold is a cryptocurrency analyst and an experienced technical analyst. He pays close attention to cryptocurrency research, conducting comprehensive price analysis and exchanging predictions of estimated market trends. Tomiwabold earned his degree at the University of Lagos.