Dogecoin (DOGE) Seen Jumping This Month, Despite Twitter-Musk Deal Collapse
July 09 2022 - 7:26AM
NEWSBTC
Dogecoin (DOGE) could not muster enough strength on Saturday as the
collapse of Elon Musk’s Twitter acquisition crushed hopes for the
mainstream acceptance of the coin. After the disclosure, the price
of the largest memecoin in the world decreased by more than 4
percent. In recent weeks, the token looks to be reacting less
strongly to Musk’s social media comments, rants included. Musk
canceled his $44 billion plan to take over Twitter on Friday,
alleging that the social media company is
issuing “misleading” assertions about the amount of phony
accounts, according to a regulatory filing. Earlier this year, the
billionaire proposed purchasing Twitter for almost $43 billion.
After Musk hinted at a possible incorporation of Dogecoin into
Twitter, DOGE appreciated significantly upon the initial
announcement of the transaction. Dogecoin Needs Musk Tweet To Rise
The token’s popularity is partly down to the world’s richest man’s
ongoing endorsement and promotion of it on social media, which
contributed significantly to the cryptocurrency’s meteoric rise.
According to a recent analysis, searches for “Dogecoin” surged
in 2019 and 2020 after Musk tweeted about it. DOGE had gained
roughly 30 percent by the time Twitter’s board gave the green light
to the Tesla CEO’s buyout proposal. However, it has since
rapidly reversed those advances. Suggested Reading | Solana Glints
With 14% 3-Day Rally – Will SOL Keep On Beaming? Twitter Stock
Price Drops After The News In the after-hours market, Twitter’s
stock price decreased by 6% to $34.58. This is 35% less than the
$54.20 per share price Musk agreed to pay for the social media
giant in April. Following the closing bell on Friday,
Twitter’s stock price dropped to its lowest level since March. As
soon as the news came, Bret Taylor, the chairman of Twitter’s board
of directors, threatened to file a lawsuit versus Musk to
enforce the terms of the buyout agreement. Musk’s attorneys stated
in a document that Twitter failed or refused to reply to several
requests for information on fraudulent or spam accounts on the
platform, which is crucial to the company’s financial performance.
DOGE total market cap at $9.24 billion on the weekend chart |
Source: TradingView.com Suggested Reading | Bitcoin Drills
Into $22,000 Level – But Not All BTC Investors Are Jubilating
Dogecoin Still Seen Jumping This Month Meanwhile, despite DOGE
reeling from the outcome of the Twitter-Musk deal, some analysts
are still very optimistic about its future. In the foreseeable
future, the price of DOGE could approach $0.15. Currently, the coin
is selling at $0.0699, an increase of 5.5% over the past week,
Traders knowledgeable with the famous meme coin will agree that it
is notable for sudden surges and FOMO-induced frenzy. According to
technical analysis, the DOGE price will go up, although it is
difficult to determine if a bottom has been reached. Featured image
from Mashable India, chart from TradingView.com
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