Elon Musk takes over Twitter, sending Dogecoin price to the moon

There is no direct correlation between Elon Musk’s Twitter acquisition and Dogecoin price, but the tech entrepreneur  has teased about introduction of DOGE payments on the social media platform. Proponents are bullish on the prospect of higher utility and adoption of DOGE, driving the meme coin’s price higher. 

Dogecoin climbs 30% on news of Twitter acquisition

Tesla CEO Elon Musk acquired Twitter at approximately $44 billion, paying a 38% premium on the market price of the social media giant’s shares. 

Jack Dorsey, CEO of Square, who owned a 2% stake in Twitter tweeted, 

In principle, I don’t believe anyone should own or run Twitter. It wants to be a public good at a protocol level, not a company. Solving for the problem of it being a company however, Elon is the singular solution I trust. I trust his mission to extend the light of consciousness.

Interestingly, Elon Musk’s purchase of Twitter in an all-cash deal has garnered much attention from Dogecoin holders and the meme coin’s community. After joining the Twitter board, Musk proposed several changes to the Twitter Blue premium service, including DOGE payments, price reduction (of the subscription), and authentication checkmarks. 

Therefore, market participants appear bullish on the prospect of enabling Dogecoin payments on Twitter’s premium service since Musk has repeatedly endorsed the meme coin. 

Tesla already accepts DOGE payments on its online store, reaffirming investors’ belief that the meme coin could gain acceptance as a payment method for ads and subscriptions on the social media platform Twitter. 

On-chain data shows a spike in  large transactions with a value greater than $100,000 on the Dogecoin network, which coincides with the rising price action. Such market behavior is indicative of institutional players’ and whales’ activity. These individuals could be investing or  positioning themselves for a big price move. 

Crypto analysts CryptoFaibik believes Dogecoin price trend looks bullish. While DOGE continues to move inside the wedge, a breakout could mean a 2x upswing. The prominent trader has set the highest target for Dogecoin price in the ongoing price rally at $0.4484.