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Dogecoin Skyrockets by Over 10% As Twitter Deal Likely to Close on Friday

Author

Jonathan Gibson

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Reading time

3 mins
Last update

Author

Jonathan Gibson

Tags

Reading time

3 mins
Last update

Author

Jonathan Gibson

Tags

Reading time

3 mins
Last update

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Dogecoin (DOGE) skyrocketed by over 10% on Wednesday as the Twitter deal is likely to close on Friday. The whole crypto market is now following the current negotiations between Twitter and Elon Musk, the CEO of Tesla, who wants to acquire the social media platform. According to DogeDesigned, Dogecoin adoption could get a big boost after this deal. 

Dogecoin Surges As Elon Musk Could Close a Deal with Twitter

Dogecoin, one of the largest cryptocurrencies in the world, surged on Wednesday by over 10% as Elon Musk is getting closer to a deal with Twitter. Elon Musk has proposed to purchase Twitter and a deal is likely going to take place on Friday. 

According to DogeDesigner, one of the most popular Dogecoin accounts on Twitter, informed that a Twitter deal is likely to be closed on Friday this week. He then wrote that Dogecoin adoption is expected to get a big boost after this deal. For example, two things that could be implemented included a Dogecoin Tip Jar and Dogecoin payments for Twitter Blue. 

Dogecoin is the largest meme virtual currency in the market. Compared to Bitcoin, it is fast to send and receive (1-minute transactions) and it is also very cheap. At the same time, Dogecoin has been among the most supported virtual currencies by the crypto community over the last few years. 

According to data shared by CoinGecko, Dogecoin is being traded at $0.067353 and it has a market valuation of $9.2 billion. In the last 7 days, Dogecoin has registered a price increase of 12.4%, but it is still down 75% from a year ago. This shows that there has been a very strong bear market in the crypto industry, which has affected most virtual currencies, including DOGE. 

Elon Musk has been one of the strongest supporters of Dogecoin. If Elon Musk closes the agreement to purchase Twitter, then we could see Dogecoin being adopted for different features on Twitter. As suggested by DogeDesigner, a Tip Jar and Dogecoin payments could be added to Twitter. 

If that happens, then we could see Dogecoin moving even higher. Why? Because there could be stronger buying pressure from the whole community. Nevertheless, we should also take into account that there could be a buy the rumour sell the news event where DOGE investors could sell their coins if new features are announced. 

Other virtual currencies have also been moving higher in recent days. For example, Ethereum surged by almost 18% in the last 7 days to $1,550. Bitcoin, the largest crypto in the market, got closer to $21,000. Indeed, BTC registered 7.5% gains in the last week and its market capitalization has hit $400 billion once again. 

If Bitcoin continues to move higher the whole crypto market would likely follow. This has been like that for many years and it could continue in this way. Therefore, Dogecoin could benefit from BTC going upwards in the coming weeks and months, especially if positive news also affects Dogecoin.