Dogecoin Surges Nearly 9% Amid Reports That Twitter Will Accept Musk's Takeover Offer

Futures of Twitter (TWTR) trading in Frankfurt also jumped 6.48%.

AccessTimeIconApr 25, 2022 at 12:49 p.m. UTC
Updated May 11, 2023 at 5:29 p.m. UTC

Dogecoin (DOGE) surged by 9% in the past hour following reports of Elon Musk being close to purchasing the entirety of Twitter at $54.20 a share.

DOGE surged to as much as $0.14 at writing time from the $0.12 level in Asian morning hours. Twitter (TWTR) futures trading in Frankfurt jumped 6.48%, data shows.

Dogecoin prices surged amid reports of Musk's Twitter takeover. (TradingView)
Dogecoin prices surged amid reports of Musk's Twitter takeover. (TradingView)

Social media giant Twitter is working out the terms of the transaction and could reach an agreement as soon as Monday, as per Reuters. Musk, who owns electric car maker Tesla and space exploration firm SpaceX, among other businesses, currently owns 9.2% of Twitter, as per a filing earlier this month.

Dogecoin's price and Musk’s imminent takeover of Twitter are not directly correlated. However, some analysts say Musk’s repeated endorsement of the memecoin attracts speculation from crypto investors hoping for dogecoin to be included in Twitter’s long-term plans.

“The speculation is that advertisers could be able to pay DOGE for ads and for other uses on Twitter,” Kryptomon Chief Marketing Officer Tomer Nuni explained to CoinDesk earlier this month. “We have seen the same happening when Tesla revealed the ability to pay for its goods with DOGE. So the speculation could be around Musk’s businesses and stakeholdings starting to accept crypto, as Tesla does.”

Earlier this month, Musk teased DOGE payments on Twitter in a tweet, proposing dogecoin as one of the payment options for Twitter Blue, the site’s subscription service with premium features.

Tesla already accepts DOGE payments on its online merchandise store. Musk has also previously lent support to dogecoin development and adoption, such as a May 2021 tweet that saw Musk state he was working with dogecoin developers to improve system efficiency.


Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.

Shaurya Malwa

Shaurya is the Deputy Managing Editor for the Data & Tokens team, focusing on decentralized finance, markets, on-chain data, and governance across all major and minor blockchains.