Dogecoin surges 35% as Musk finalizes Twitter deal
Dogecoin jumped over 35% when news Elon Musk was likely to finalize the Twitter deal by the end of the weekly broadcast. The cryptocurrency had been stagnating for weeks.
Musk reportedly met with co-investors via video conference on Monday, where he announced his desire to reach the finish line by Oct. 28. Some of the more prominent Wall Street names he came across included Qatar Investment Authority, Sequoia Capital, and crypto exchange Binance. Those absent from the meeting received the funding pledge from Musk’s attorneys.
Earlier this month, the Delaware court judge who heard the Elon Must-Twitter takeover story granted the billionaire until 5 p.m. on October 28 to complete the acquisition. Bloomberg reports that all banks committed to backing Musk’s acquisition of the social media giant have completed the debt financing arrangement and are finalizing relevant documents.
Musk promised to close the deal on Monday at an initial price of $54.20 per share, meaning he will maintain his previous commitment to provide $46.5 billion in equity and debt financing for the acquisition. . This sum will pay the $44 billion price tag and additional transaction fees.
Dogecoin charging north…$1 coming?
With the closing of the acquisition putting to bed months of rumors that the quirky entrepreneur would walk away from the deal, Twitter shares jumped nearly 4% on Tuesday to 52.81 before the opening bell of Wednesday. The announcement also energized Dogecoin supporters, pushing prices higher after weeks of lackluster volatility.
Dogecoin was the only significant cryptocurrency in Musk’s acquisition of Twitter. In April, after expressing interest in acquiring the social network, the CEO of Tesla announced his intention to decentralize it.
SpaceX will put a literal Dogecoin on the literal moon
— Elon Musk (@elonmusk) April 1, 2021
The concept included adding Dogecoin as a payment option. Along with garnering overwhelming support from other billionaires, the crypto community thinks its goals are extremely likely due to its previous endeavors with the meme coin.
Musk’s companies, including Tesla, The Boring Company and SpaceX, began accepting Doge as payment over the past year, with Burnt Hair perfume being the most recent.
In the meantime, crypto enthusiasts predict that the completion of the Twitter acquisition will benefit the price of Dogecoin. DOGE was trading at the $0.07 resistance line at press time, gaining almost 13% in the previous 24 hours. A break and subsequent close above this level could push the price higher to $0.78 and then to $0.88.