Dogecoin, one of the most popular meme coins and cryptocurrencies, is up by 35% since Monday as the Elon and Twitter deal approaches a close. Dogecoin reaching $1 seems possible as the price of the token often moves in lockstep with comments made by the Tesla CEO. Doge is up 10% in the last 24 hours after the SpaceX chief changed his Twitter bio to "Chief of Twit" on Wednesday. Similarly, the meme token saw a price surge in April when Elon Musk first floated the idea of adding dogecoin as a payment method for Twitter's subscription service, Blue. It also saw a sell-off in June as Musk tried to back out of the purchase.
But following a monthslong battle between Musk and Twitter over the sale, all signs point to Musk closing the deal by his deadline of 5 p.m. on Friday. The alternative is Musk facing trial in a Delaware courtroom. The price surge in dogecoin — pronounced "doje coin" with a soft "g" sound — also coincides with rumors that Twitter is prototyping its own crypto wallet.
Jane Manchun Wong, a popular tech blogger known for her prescient calls in the space, tweeted on Monday that Twitter was "working on a 'wallet prototype' that supports 'crypto deposit and withdrawal.'"
Most people know that Elon Musk's Tesla holds Dogecoin. Probably a lot of Dogecoin. But just because Elon Musk has been behind countless spikes in the DOGE price, it doesn't mean that large holders are unequivocally good for a cryptocurrency. As a matter of fact, Musk sees it as the biggest enemy of Dogecoin. Writing on Twitter last year he said: "If major dogecoin holders sell most of their coins, it will get my full support. "Too much concentration is the only real issue imo … I will literally pay actual $ if they just void their accounts." The Tweet got around 300k likes and in follow-up Tweets Musk later said that Doge was too 'concentrated' in the hands of a few whales. Looking at today's data, it's evident that not a lot has changed. Just 108 Dogecoin wallets own 26% of DOGE, according to BitInfoCharts. And it was one of these whales that gave Dogecoin its most significant crash to date.
The world's richest man, Elon Musk, has vowed to complete the acquisition of Twitter Inc. by Friday this week. According to Bloomberg, Musk revealed his plan in a video call with a team of bankers, aiming at fast-tracking the process.
People familiar with the details of the conference call claim that a $13 billion debt financing facility has been gathered from selected banks. A credit agreement has been prepared and awaiting relevant signatures before the cash is wired to Musk.
Twitter, Inc (TWTR) shares sprouted as investors reacted to the news and exchanged hands at $53.92, just a few cents short of Musk's $54.20 acquisition price.
Investors are waiting with bated breath due to Elon Musk's unpredictable behavior. Notably, just a few weeks ago, the billionaire wanted to opt out of the $44 billion deal.
Launched in 2013, Dogecoin emerged as the first memecoin that's meant to be a decentralized payments network. DOGE kept a low profile for a very long time until the concept got attention from cryptocurrency investors in the 2020 price rally. AMC Entertainment and GameStop initiatives potentially drew Dogecoin's price up the hill with investors pouring more support. Famous names like Tesla CEO Elon Musk and Mark Cuban started constantly tweeting about Dogecoin, which made the meme coin price go even crazier. So far, the maximum Dogecoin's price could reach is US$0.74 in May 2021. Since then it has fallen drastically and at the time of writing, it is being traded for US$0.05. However, according to experts, Dogecoin reach $1 seems possible in forthcoming years.
Elon Musk has a special place when it comes to memecoins, especially, DOGE. In July 2021, he confirmed publicly that he owns some cryptocurrency investments, and Bitcoin, Ethereum, and Dogecoin are on the list. Elon Musk and Dogecoin have a great chemistry, just like two best friends that can't go alone. There have been huge speculations on why Elon Musk favors Dogecoin a lot. Finally, he answered to settle down the sand via Twitter. He tweeted, "Lots of people I talked to on the production lines at Tesla or building rockets at SpaceX own Dogecoin. He added that they aren't financial experts or Silicon Valley Technologists. That's why I decided to support Doge – it felt like the people's crypto.
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