Dogecoin surged by over 35% when the news Elon Musk was likely to finalise the Twitter contract by the end of the weekly spread. The cryptocurrency had been stagnant for weeks.
Musk reportedly met with co-investors via video conference on Monday, where he announced his desire to reach the finish line by October 28. Among the most prominent Wall Street names he encountered were Qatar Investment Authority, Sequoia Capital, and crypto exchange Binance. Those absent from the meeting received the financing commitment from Musk’s attorneys.
Earlier this month, the Delaware court judge hearing the Elon Must-Twitter takeover story granted the billionaire until 5 p.m. on October 28 to finalise the acquisition. Bloomberg reports that all the banks committed to backing Musk’s acquisition of the social media behemoth have completed the debt financing arrangement and are finalising the relevant papers.
Musk promised to finish the deal on Monday at the initial price of $54.20 per share, which means he will persist with his earlier pledge to provide $46.5 billion in equity and debt funding for the acquisition. This sum will pay the $44 billion price tag and additional transaction fees.
Dogecoin Charges North…$1 Coming?
With the closing of the acquisition putting to bed months of rumours that the eccentric entrepreneur would pull out of the deal, Twitter shares jumped almost 4% on Tuesday to 52.81 ahead of Wednesday’s opening bell. The announcement also energised Dogecoin supporters, sending prices soaring after weeks of lacklustre volatility.
Dogecoin was the only significant cryptocurrency in Musk’s acquisition of Twitter. In April, after expressing interest in acquiring the social network, the CEO of Tesla said his plan to decentralise it.
SpaceX is going to put a literal Dogecoin on the literal moon
— Elon Musk (@elonmusk) April 1, 2021
The concept included the addition of Dogecoin as a payment option. In addition to garnering overwhelming support from other billionaires, the crypto community believes his goals are extremely probable owing to his previous efforts with the meme coin.
Musk’s firms, including Tesla, The Boring Company, and SpaceX, have begun accepting Doge as payment in the past year, with the Burnt Hair scent being the most recent.
In the meantime, crypto enthusiasts anticipate that the Twitter acquisition’s conclusion will benefit Dogecoin’s price. DOGE was trading at the $0.07 resistance line at press time, gaining almost 13% in the previous 24 hours. A break and subsequent closing above this level could cause the price to rocket to $0.78 and then $0.88.
