Dogecoin (DOGE) could not muster enough strength on Saturday as the collapse of Elon Musk\u2019s Twitter acquisition crushed hopes for the mainstream acceptance of the coin.<\/p>\n
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\u2019s social media\u00a0comments, rants included.<\/p>\n
Musk canceled his $44 billion plan to take over\u00a0Twitter on Friday, alleging that\u00a0the social media company\u00a0is issuing\u00a0\u201cmisleading\u201d assertions about the amount of phony accounts, according to a regulatory filing.<\/p>\n
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.<\/p>\n
Dogecoin Needs Musk Tweet To Rise<\/p>\n
The token\u2019s popularity is partly down to the world\u2019s richest man\u2019s ongoing endorsement and promotion of it on social media, which contributed significantly to the cryptocurrency\u2019s meteoric rise.<\/p>\n
According to a recent analysis, searches for \u201cDogecoin\u201d\u00a0surged in 2019 and 2020 after Musk tweeted about it. DOGE had gained roughly 30 percent by the time Twitter\u2019s board gave the green light to the Tesla CEO\u2019s\u00a0buyout\u00a0proposal. However, it has since rapidly reversed those advances.<\/p>\n
Suggested Reading | Solana Glints With 14% 3-Day Rally \u2013 Will SOL Keep On Beaming?<\/p>\n
Twitter Stock Price Drops After The News<\/p>\n
In the after-hours market, Twitter\u2019s 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\u00a0in April. Following the closing bell on Friday, Twitter\u2019s stock price dropped to its lowest level since March.<\/p>\n
As soon as the news came, Bret Taylor, the chairman of Twitter\u2019s board of directors, threatened to file a lawsuit versus\u00a0Musk to enforce the terms of the buyout agreement.<\/p>\n
Musk\u2019s 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\u2019s financial performance.<\/p>\n\n
DOGE total market cap at $9.24 billion on the weekend chart | Source: TradingView.com<\/p>\n
Suggested Reading |\u00a0Bitcoin Drills Into $22,000 Level \u2013 But Not All BTC Investors Are Jubilating<\/p>\n
Dogecoin Still Seen Jumping This Month<\/p>\n
Meanwhile, despite DOGE reeling from the outcome of the Twitter-Musk deal, some analysts are still very optimistic about its future.<\/p>\n
For instance, this month, the price of DOGE could approach $0.12. Currently, the coin is selling at $0.0699, an increase of 5.5% over the past week, data from Coingecko show, Saturday.<\/p>\n
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.<\/p>\n
Featured image from Mashable India, chart from TradingView.com<\/p>","protected":false},"excerpt":{"rendered":"
<\/p>\n
Dogecoin (DOGE) could not muster enough strength on Saturday as the collapse of Elon Musk\u2019s Twitter acquisition crushed hopes for the mainstream acceptance of the coin.<\/p>\n
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\u2019s social media\u00a0comments, rants included.<\/p>\n
Musk canceled his $44 billion plan to take over\u00a0Twitter on Friday, alleging that\u00a0the social media company\u00a0is issuing\u00a0\u201cmisleading\u201d assertions about the amount of phony accounts, according to a regulatory filing.<\/p>\n
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.<\/p>\n
Dogecoin Needs Musk Tweet To Rise<\/p>\n
The token\u2019s popularity is partly down to the world\u2019s richest man\u2019s ongoing endorsement and promotion of it on social media, which contributed significantly to the cryptocurrency\u2019s meteoric rise.<\/p>\n
According to a recent analysis, searches for \u201cDogecoin\u201d\u00a0surged in 2019 and 2020 after Musk tweeted about it. DOGE had gained roughly 30 percent by the time Twitter\u2019s board gave the green light to the Tesla CEO\u2019s\u00a0buyout\u00a0proposal. However, it has since rapidly reversed those advances.<\/p>\n
Suggested Reading | Solana Glints With 14% 3-Day Rally \u2013 Will SOL Keep On Beaming?<\/p>\n
Twitter Stock Price Drops After The News<\/p>\n
In the after-hours market, Twitter\u2019s 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\u00a0in April. Following the closing bell on Friday, Twitter\u2019s stock price dropped to its lowest level since March.<\/p>\n
As soon as the news came, Bret Taylor, the chairman of Twitter\u2019s board of directors, threatened to file a lawsuit versus\u00a0Musk to enforce the terms of the buyout agreement.<\/p>\n
Musk\u2019s 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\u2019s financial performance.<\/p>\n
DOGE total market cap at $9.24 billion on the weekend chart | Source: TradingView.com<\/p>\n
Suggested Reading |\u00a0Bitcoin Drills Into $22,000 Level \u2013 But Not All BTC Investors Are Jubilating<\/p>\n
Dogecoin Still Seen Jumping This Month<\/p>\n
Meanwhile, despite DOGE reeling from the outcome of the Twitter-Musk deal, some analysts are still very optimistic about its future.<\/p>\n
For instance, this month, the price of DOGE could approach $0.12. Currently, the coin is selling at $0.0699, an increase of 5.5% over the past week, data from Coingecko show, Saturday.<\/p>\n
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.<\/p>\n
Featured image from Mashable India, chart from TradingView.com<\/p>\n
<\/p>\n","protected":false},"author":0,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"colormag_page_layout":"default_layout","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[82],"tags":[],"class_list":["post-3060","post","type-post","status-publish","format-standard","hentry","category-blockchain"],"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/3060","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/comments?post=3060"}],"version-history":[{"count":0,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/3060\/revisions"}],"wp:attachment":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/media?parent=3060"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/categories?post=3060"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/tags?post=3060"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}