Dogecoin loses momentum from Musk’s Twitter acquisition news

Elon Musk’s favorite dogecoin (DOGE) memecoin appears to have lost the momentum it gathered following Tuesday’s news that Tesla CEO (TSLA) Twitter acquisition (TWTR) has returned.

The Shiba Inu dog meme-inspired cryptocurrency is trading at around $0.063 at press time, down 4.5% from the $0.066 it rallied around 00:30 UTC Thursday Private.

Having spiked in the $0.059-$0.061 range over the past few days, DOGE saw a spike on Tuesday following news that Musk has proposed moving forward again with his Twitter acquisition bid.

Traders see Musk’s plan to buy Twitter as a bullish trend for DOGE and the broader cryptocurrency given the possibility of crypto payments built into the platform and the well-known interest of Musk on meme-based crypto.

However, this relationship may be decoupling if the DOGE rally continues to fade.

The Tesla CEO first offered to acquire Twitter in April for about $44 billion in cash, which was approved by the social media company’s board. However, Musk removed his bid in July for claiming that Twitter misrepresented and misrepresented the number of spam or fake accounts on the platform.

Read more: Cryptocurrency offered by Kim Kardashian increased 124% after SEC fees, token value dropped the next day

Following news that purchases could be made again, Twitter stock jumped 13% and was halted Tuesday morning at $47.96, before resuming trading briefly late in the day. day to close at $52.05. On Wednesday morning, Twitter stock was down about 2.3%.

Comments (No)

Leave a Reply