Musk may have decided to buy Twitter due to his unwillingness to face a lengthy legal battle. Shortly after rising, the price of DOGE increased buying pressure, moving toward the USD 0.065 barrier.
Elon Musk recently said he wanted to pay the agreed price of USD 54.20 per share for the social networking service Twitter. The billionaire entrepreneur had reversed the acquisition, which would cost him USD 44 billion, citing the number of bots on the platform.
However, Musk seems to have decided to buy Twitter because he did not want to face a lengthy legal battle. Although his trial with the company would begin on October 17th, the billionaire recently communicated this new takeover bid.
Musk has not officially commented on that change of mind, but he said the acquisition would allow the creation of the X.com Company.
Over the last few months, Musk has added fuel to the fire, pointing out that Twitter has some systemic problems. However, he did not seem to find a way to evade the situation, considering he had few chances to win the trial.
The Price of Twitter Stock Skyrockets after the Announcement
Shortly after the announcement, the price of TWTR stock rose by 18% before the suspension of the trade. The stock has appreciated by 23% over the last 24 hours.
However, Musk recovered a recently abused social networking service. Besides the legal battle, it has faced statements from the whistleblower Peiter Zatko, who said the company had misled the public and politicians.
The acquisition of Twitter might not occur, as Elon Musk might make another reversal. However, things seem to be going all right for the billionaire to become the new owner.
The Price Action of the Meme Coin DOGE after the Announcement
After dropping significantly at the end of September, the price of Dogecoin (DOGE) has remained stable. Its support was initially around USD 0.059, but its attempt to go higher failed.
The price of DOGE challenged its previous low of USD 0.059 again. In addition, a slightly higher low suggests a further bullish move might be approaching soon. Therefore, the meme coin started trading steadily higher and returned above USD 0.06.
The bullish move continued until it forked at the USD 0.061 level. Shortly after rising, the price action of DOGE increased buying pressure, moving toward the USD 0.065 barrier.
Meanwhile, DOGE is trading at around USD 0.064357 and has accumulated a 6.4% gain over the last 24 hours. While its daily trading volume is above USD 836.19 million, its market capitalization is about USD 8.54 billion, according to CoinGecko.
Investors should research cryptocurrencies like DOGE before buying them to know their all-time high, behavior, and possible future price. That will allow them to find the most convenient investment opportunity to minimize the risk of losing their money. It is a matter of time before seeing how the market influences the price of the popular meme coin.
By Alexander Salazar
