The crypto community, and even more so the Dogecoin (DOGE) community, has been in turmoil since Elon Musk relaunched the Twitter takeover operation. In fact, Tesla’s CEO hinted that the memecoin could be used as a payment method on the social network.
He made a commitment on October 24 to his partners to complete the acquisition of the platform by next Friday, according to information shared by Bloomberg. After this announcement, the share value of Twitter and Dogecoin rose rapidly.
Elon Musk boosts the rise of Dogecoin again
Before the news that the Twitter takeover was to be completed, Dogecoin was trading around $0.059 on October 25th. Memecoin is currently trading at $0.07 at the time of writing, up more than 18% since the news broke.
It is clear that the Dogecoin community present on Twitter was happy about this eager to remind Elon Musk of his suggestions regarding the use of memecoin.
The Twitter deal is likely to close on Friday. Dogecoin adoption is expected to boom after this channel. Dogecoin Tip Jar & Doge Payments for Twitter Blue Soon? 👀 @elonmusk pic.twitter.com/u7Npc9XXKQ
— DogeDesigner (@cb_doge) October 25, 2022
The deal with Twitter is expected to close on Friday. Dogecoin adoption is expected to boom after this deal. Soon payments in Dogecoin for Twitter Blue? 👀 @elonmusk pic.twitter.com/u7Npc9XXKQ — DogeDesigner (@cb_doge) October 25, 2022
As a reminder, Dogecoin’s ardent supporters justified the decision to buy Twitter due to their desire to eliminate spam bots and fake accounts on the platform. One of his solutions was to charge network users 0.1 DOGE, an idea he himself later called impractical.
Also read: How could Twitter’s crypto community change under Musk’s leadership?
Proceeds that still benefit from the backing of Binance and Sequoia Capital
After first withdrawing in July, Elon Musk should go through with the operation this time and honor his promise. He has indeed agreed to pay the $44 billion agreed in the previous agreement, or $54.20 per share, on the condition that the legal proceedings initiated by Twitter against his person be suspended.
In addition, Reuters sources confirm that the Tesla CEO has contacted his fellow investors regarding the acquisition of Twitter, sending them the financing commitment documents. These include the Qatar Investment Authority, venture capital firm Sequoia Capital, and cryptocurrency exchange Binance.
The latter two already confirmed at the beginning of the month that they intend to support Elon Musk in the operation. “We are still engaged and have nothing new to share at the moment. a Binance representative told Cointelegraph. Contributions from the two companies are estimated at $800 million for Sequoia Capital and $500 million for the exchange.