Elon Musk’s favored memecoin, Dogecoin (DOGE), appears to have lost the momentum it was gathering following Tuesday’s news that the Tesla (TSLA) chief executive officer’s purchase of Twitter (TWTR) was back on the table.
The Shiba Inu dog-meme-inspired crypto was trading at around $0.063 at the time of creating this post, a decline of 4.5% compared to the $0.066 it climbed to at around 00:30 UTC Wednesday.
Having actually treaded water in the range of $0.059-$0.061 for the past couple of days, DOGE saw a spike Tuesday following the information that Musk had actually proposed proceeding once more with his proposal to acquire Twitter.
Traders / Investors see Musk’s proposed plans to buy Twitter as extremely bullish for DOGE and crypto in general, given the possibility of cryptocurrency payments being incorporated into the platform and also Musk’s well-known interest in the meme-based crypto, Dogecoin.
Nonetheless, this loving relationship may be decoupling should DOGE’s rally continue to taper off.
The Tesla CEO (Chief Executive Officer) initially offered to buy Twitter in April for about $44 billion in cold hard cash, which was accepted by the social media sites board of directors. However, Musk scrapped his bid to buy it in July over assertions that Twitter had actually made incorrect and misleading representations over the number of spam / bogus (fake) accounts on the platform.
Following the latest news that the purchase may be back on, Twitter share price climbed 13% and were halted Tuesday early morning at $47.96, prior to briefly returning to trading at the end of day to close at $52.05. On Wednesday morning, Twitter shares were down about 2.3%.
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