Dogecoin Rally After Musk Okay Twitter Deal – Finally
Tags: Dogecoin, Elon Musk, Twitter, deal
- Twitter executives agreed to swap the site with Musk for $44 billion
- Musk called off the deal in July; he raised him again
Crypto market volatility – Dogecoin in the spotlight
The price of Dogecoin (DOGE) jumped 8% after news broke that Elon Musk was moving forward with the Twitter deal on original terms. According to Bloomberg, Musk’s attorney wrote to Twitter offering to settle for the deal at the original price of $54.2 per share.
Dogecoin is Elon Musk’s favorite cryptocurrency. Dogecoin was created as a joke, – it is also called a “memecoin” – but due to the attention it has gained over time, it is now counted among the top cryptos.
DOGE is ranked 10 in the market cap category according to coinmarketcap.com.
Musk’s tweets are notorious for creating volatility in the crypto market. Tesla founder’s tweets even affect Bitcoin. Last year, Vox mapped the relationship between Bitcoin and Musk-tweets. Nevertheless, Musk claims that Dogecoin is the coin of the future due to its non-serious theme.
The controversial deal on Twitter
In April this year, Musk offered a deal with Twitter’s board to buy the microblogging site for $44 billion. The council accepted the offer after a few days. However, in July, Musk called off the deal, alleging Twitter had failed to fully disclose details about the spam and fake accounts.
When Musk canceled the deal, Twitter sued Musk to force him to continue with the deal.
Musk wanted to buy Twitter because of the nuisance caused by spam and bot accounts, hoping to change it using blockchain solutions. In the ensuing lawsuit, his online conversations with several tech moguls, including Twitter co-founder and former CEO Jack Dorsey; Sam Bankman Fried, founder of FTX, one of the largest crypto exchanges.
Apparently, Dorsey came up with the idea of basing Twitter on Blockchain technology to democratize Twitter. Musk has proposed charging for tweets and retweets to weed out spam accounts.
It is true that Twitter has a spam and bot problem. These accounts can be extremely annoying and dangerous. They can pump out topics and themes without any real noise while still being able to be used for relentless trolling.
Musk could really democratize Twitter if his plans and ideas bear fruit. However, these changes, including Blockchain architecture and paid services, are fundamentally important. They may face widespread backlash. Additionally, while no government can control the social media site, control of internet connectivity remains with the government.