The popular meme coin dogecoin (DOGE) went up over 16% over the previous day as the deadline for DOGE enthusiast and billionaire businessman Elon Musk to buy Twitter drew near.
According to a recent Bloomberg news, Musk’s purchase of Twitter will apparently expire on Friday, which might significantly increase Dogecoin’s overall appeal. In order to assist in the Twitter takeover agreement to finish by Friday this week, Musk reportedly conducted a video conference call with his bankers. In an effort to speed up the entire acquisition process, the report also states that the banks participating in the acquisition are currently putting together “the final credit arrangement and are in the process of signing the papers.”
The price of Doge has soared to 16% in the previous 24 hours as a result of the news that the Twitter-Musk crisis is finally coming to a close. Dogecoin is up by 16% and trading at $0.06845 at the time of writing.
It’s not the first time that news involving Tesla CEO Elon Musk has caused the price of Doge to skyrocket. Musk is well known for being a fervent supporter of Doge, and has frequently complimented Dogecoin on different open forums.
With the Twitter deal ending, there are speculations if the meme coin will be integrated into Twitter as a potential way of payment. The Tesla founder had hinted in April that he may eventually integrate Twitter Blue with Dogecoin payments, but no official confirmation has yet been made.
However, a report generated by Reuters state that The “most active” users of Twitter are becoming less interested since the social network is “absolutely declining.”
According to internal Twitter documentation, less than 10% of monthly active users are “heavy tweeters.” But these tweeters are responsible for 90% of all tweets and 50% of global revenue.