Dogecoin Price Increases 13% as Elon Musk’s Twitter Deal Nears Completion


According to statistics from CoinMarketCap, the price of Dogecoin has increased by 13% over the last 24 hours to $0.067.

Bloomberg reports that in a video conference call with financiers who are helping to fund the purchase, Tesla CEO Elon Musk vowed to complete the acquisition of Twitter by Friday.

Due to the announcement, Twitter shares increased, approaching Musk’s $54.20 purchase price. Dogecoin witnessed a similar increase, rising from a low of $0.059 on October 25 to a high of $0.069 at the time of writing.

According to Bloomberg, recent events may imply that Musk was ready to execute the purchase before the court-mandated deadline on October 28.

In the meanwhile, Changpeng Zhao, the CEO of Binance has announced that he wants to back Elon Musk’s planned $44 billion purchase of Twitter Inc., despite Washington’s apparent concerns about the support of foreign investors.

When questioned whether he would uphold his financial deal with Musk, Changpeng Zhao said, “I believe so.” Binance said in May that it has donated $500 million to Musk’s planned acquisition of Twitter, as part of its strategy to push social media and news websites into the Web3 era.

Elon Musk proposed utilizing Dogecoin as a means of payment on social media, bringing the cryptocurrency into the public glare if the Twitter arrangement is successful.

Musk, a proponent of Dogecoin applauded the most recent core update by tweeting “upgrades.” According to Dogecoin creator Shafil Alam, the addition of TorV3 functionality is still a crucial protocol improvement for Dogecoin.

Mishabaar, a Twitter account devoted to Dogecoin, explained what the update entails: “The developers are extracting code from previous Bitcoin Core contributions and incorporating it into Dogecoin Core; Bitcoin Core-experienced engineers might likely be of assistance. TorV3 provides node operators with privacy and anonymity and boosts network resilience against targeted node assaults.”

Also Read: Over $20 billion flows into Ethereum in a single day as ETH surpasses $1,500

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