Dogecoin surges by 8% following Elon Musk revives the deal to buy Twitter

The billionaire’s lawyers sent a letter to the company with an offer to buy at the original price

05.10.2022 - 11:25

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2 min

What’s new? On October 4, the Dogecoin (DOGE) meme cryptocurrency rose by 8,5%, to $0,0656, according to Binance. The jump came after news that Tesla and SpaceX CEO Elon Musk had revived his deal to buy the social network Twitter. According to Bloomberg, the billionaire’s lawyers sent a letter to the company offering to buy it at its original price of $44 billion, at $54,2 per share. As of October 5, 10:20 UTC, DOGE is trading at $0,064, the asset ranks 10th in the cryptocurrency ranking with a capitalization of $8,52 billion.

Bloomberg’s material

What happened before? Musk’s purchase of the social network was announced back on April 25, back then the DOGE rate rose by 29% in 24 hours. However, the billionaire then tried for months to terminate the contract to purchase Twitter, claiming that the company misled him about the size of its user base, part of which turned out to be bots. Musk terminated the deal in July, after which Twitter sued the billionaire to complete the purchase. The trial was set to begin on October 17.

Musk had previously repeatedly advocated for Dogecoin, which caused the asset’s price to rise. In December 2021, he said Dogecoin was better for everyday payments than bitcoin. On April 10, the entrepreneur proposed integrating Dogecoin payments into Twitter to pay for a Twitter Blue subscription. In May, SpaceX began accepting DOGE as payment for merch. The Boring Company, also owned by Musk, integrated Dogecoin into its Loop service. The billionaire noted that he “Supporting Doge wherever possible.”

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