April 26, 2020
By Anjali Kochhar
Dogecoin, the most popular meme cryptocurrency, zoomed over 25% in the past 24 hours as Tesla’s Elon Musk stepped closer to buying social media platform Twitter.
At the time of writing, Dogecoin was trading 29.05% higher at $0.1612, CoinMarketCap data showed.
This came as Twitter accepted Tesla CEO Elon Musk’s $44-billion-proposal for acquisition.
On Monday, Twitter announced that it has entered into a definitive agreement to be acquired by an entity wholly owned by Elon Musk, for $54.20 per share in cash in a transaction valued at approximately $44 billion.
Upon completion of the transaction, Twitter will become a privately held company, the statement released read.
“DOGE’s price surge has outperformed the crypto markets considerably,” WazirX trade desk told Blockchain Asset Review.
On the other hand, Raj Kapoor, chief growth officer at aCryptoverse, said that while it may have started as a joke, Dogecoin no longer “seems funny.”
“Meme coins are rising in value and in popularity, with entrepreneurs and celebrities getting in on the action. Easier to relate to not too geeky. They are making for a whole new generation of GenZ to get a sneak peek at the cryproverse. A harbinger really of the induction of virtual digital currencies,” Kapoor told Blockchain Asset Review.
With this, the entire market showed signs of recovery. The global market cap was up 4.88% at $1.86 trillion.
Bitcoin rose 4.82% to $40,368. WazirX tied this also to Musk’s Twitter buy.
“This mega-deal could play out in favour of the crypto markets, triggering a bullish trend since Musk is an advocate of crypto tokens like Bitcoin and Dogecoin,” the Indian exchange said.
About the author
Anjali Kochhar covers cryptocurrency stories in India as well as globally. Having been in the field of media and journalism for over three years now, she has developed a sharp news sense and works hard to present information that goes beyond the obvious. She is an avid reader and loves writing on a wide range of subjects.