Dogecoin Price Jumps 13% as Elon Musk Twitter Deal Nears Conclusion
Dogecoin price is up 13% to $0.067 in the last 24 hours, according to data from CoinMarketCap. In a video conference with bankers helping to fund the deal, Tesla CEO Elon Musk reportedly promised to complete the Twitter acquisition on Friday. As a result of the news, shares of Twitter rose and approached Musk’s $54.20 acquisition price.
Dogecoin saw a similar surge, going from a low of $0.059 on Oct. 25 to a high of $0.069 at the time of writing. According to Bloomberg, recent develsopments may indicate that Musk was close to completing the transaction before the October deadline 28 set by the court.
Meanwhile, Binance CEO Changpeng Zhao has stated that he intends to support Elon Musk’s proposed $44 billion acquisition of Twitter Inc., despite possible concerns from Washington over investor support. Changpeng Zhao replied, “I think so,” when asked if he would honor his financial agreement with Musk. As part of its plan to bring social media and news sites into the Web3 era, Binance said in May that it had pledged $500 million to Musk, Takeover bid for Twitter.
Dogecoin developer speaks on beneficial upgrade
Dogecoin will be in the spotlight if the Twitter deal is successful, as Elon Musk floated the idea of using it as a form of payment on social media. Musk, a Dogecoin proponent, applauded Dogecoin’s latest core update by tweeting “updates.” According to Dogecoin developer Shafil Alam, “the addition of TorV3 support is still an important protocol update for Dogecoin.”
Dogecoin-focused Twitter account Mishaboar explained what the update entails, writing, “Developers are picking code from old bitcoin core commits and integrating it with no doubt Dogecoin Core-savvy bitcoin developers.” TorV3 could help enable privacy and anonymity nodes, Operator and increases network resilience to targeted attacks on nodes.