Dogecoin Price Rise As Elon Musk’s Purchase of Twitter Near Completion.
Data from Coinmarketcap indicates that Dogecoin was trading at $0.06845 on 26 October, over 12%.
The Reason Behind The Soars
Recent Bloomberg reports claim Musk’s Twitter acquisition will end this Friday, which could significantly boost Dogecoin’s popularity.
In their efforts to expedite the acquisition process, the banks involved with the acquisition are putting together “the final credit agreement and are in the process of signing the documentation.”
Doge has skyrocketed past 12% yesterday as news of the Twitter- Musk saga finally comes to an end.
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“A beautiful thing about Twitter is how it empowers citizen journalism – people are able to disseminate news without an establishment bias,” tweeted Elon Musk.
In the past, the price of Dogecoin has gone up in conjunction with developments relating to Tesla CEO Elon Musk.
Dogecoin has been praised by Musk on a number of public platforms and he is a staunch Doge proponent.
“Lots of people I talked to on the production lines at Tesla or building rockets at SpaceX own Doge. They aren’t financial experts or Silicon Valley technologists. That’s why I decided to support Doge – it felt like the people’s crypto,” said Musk.
Dogecoin’s Transaction Value is Better Than Bitcoin, Musk Claims
The internet affectionately calls Musk “Dogefather”, later going on to praise Dogecoin’s better transactional value than Bitcoin’s.
“The transaction value of Bitcoin is low and the cost per transaction is high. At least at a space level, it is suitable as a store of value. But fundamentally, Bitcoin is not a good substitute for transactional currency,” said Musk.
“The total transaction flow that you do with Dogecoin is transactions per day has much higher potential than Bitcoin,” Musk added.
As the Twitter-Musk deal is nearing completion, speculation is rife about integrating Dogecoin into Twitter as a potential payment solution, is helping in the increase in price right now.