The price of Dogecoin rose by almost 30% after it was announced that Tesla CEO Elon Musk had reached an agreement to acquire Twitter for $54.20 per share and a total of $44 billion.
Dogecoin is Elon Musk’s favorite digital coin. Dogecoin prices shot up as soon as the news of Elon Musk’s successful acquisition of Twitter broke. Previously, Musk had said in January that Dogecoins could be used to buy Tesla cars.
“Mr. Elon Musk has publicly supported Dogecoin and the coin has always been said positively. Markets Predict Elon Musk May Use Dogecoin as a Payment System. This is why the price of dogecoin has skyrocketed.”
Thein Hong, who runs Satori Research, a Hong Kong-based cryptocurrency investment firm, said:
News of the Twitter acquisition also sent the company’s stock price up 5.66%, helping the Nasdaq gain nearly 1.3% on Monday.