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Elon Musk Responds to Dogecoin Co-Founder on Twitter, DOGE Price Suddenly Jumps 5%

Mon, 10/31/2022 - 11:25
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Tomiwabold Olajide
Dogecoin suddenly rose 5% within an hour, erasing some of its losses
Elon Musk Responds to Dogecoin Co-Founder on Twitter, DOGE Price Suddenly Jumps 5%
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In the current effusive mood regarding the Twitter acquisition, Dogecoin co-founder Billy Markus, also known as Shibetoshi Nakamoto, and Tesla CEO Elon Musk exchanged joke tweets. The discussion is about Twitter Blue.

Shortly after the exchange of tweets, Dogecoin suddenly rose 5% within an hour, erasing some of its losses. Dogecoin tumbled due to selling pressure after touching highs of $0.151 on Oct. 29 as bulls took a breather. Dogecoin fell as much as 15%, but at the time of publication, it was only down 2.84% at $0.1227.

Twitter Blue, which was introduced in June of last year, is the social media giant's first subscription service for users who are ready to pay for exclusive access to features like the "Undo Tweet" function, personalized Twitter app icons and the capacity to add bookmarks. Subscribers can edit their tweet before it goes live by using the undo feature.

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Musk proposed some changes to Twitter Blue in April, including a subscription price cut, the possibility of paying with Dogecoin and banning ads.

Elon Musk's Twitter acquisition

On Oct. 27, Elon Musk announced that he had acquired Twitter. As a result, investors' enthusiasm caused DOGE prices to soar.

For the Tesla CEO, the road to the purchase of Twitter has been relatively long. The billionaire CEO of Tesla and SpaceX disclosed his ownership of 9.2% of Twitter in April. He was subsequently added to the Board of Directors by Twitter, and in a statement at the time, he expressed excitement about working with the board to make "significant improvements to Twitter in the coming months."

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

Musk later decided against taking a seat on Twitter's Board of Directors after purchasing a 9% share. He made an offer to purchase Twitter at $54.20 per share that same month. Musk announced in July that he was ending the agreement, but he then renewed it in October, which led to the purchase being made.

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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.