Dogecoin Loses Momentum From Musk Twitter Acquisition News

Elon Musk's favorite memecoin settled down after rising on news that the Tesla CEO's purchase of Twitter was back on the table.

AccessTimeIconOct 5, 2022 at 3:55 p.m. UTC
Updated Oct 5, 2022 at 11:07 p.m. UTC
10 Years of Decentralizing the Future
May 29-31, 2024 - Austin, TexasThe biggest and most established global hub for everything crypto, blockchain and Web3.Register Now

Elon Musk's favorite memecoin, dogecoin (DOGE), appears to have lost the momentum it was gathering following Tuesday's news that the Tesla (TSLA) CEO's purchase of Twitter (TWTR) was back on the table.

The Shiba Inu dog-meme-inspired crypto was trading at around $0.063 at the time of writing, a decline of 4.5% compared to the $0.066 it rallied to at approximately 00:30 UTC Wednesday.

Having treaded water in the range of $0.059-$0.061 for the past few days, DOGE saw a spike Tuesday following the news that Musk had proposed moving forward again with his bid to buy Twitter.

Traders see Musk's proposed plans to buy Twitter as bullish for DOGE and crypto more broadly, given the possibility of cryptocurrency payments being integrated into the platform and Musk's well-known interest in the meme-based crypto.

However, this relationship may be decoupling should DOGE's rally continue to taper off.

The Tesla CEO first offered to buy Twitter in April for around $44 billion in cash, which was accepted by the social media company's board. However, Musk scrapped his bid in July over claims that Twitter had made false and misleading representations over the number of spam or fake accounts on the platform.

Following news that the purchase may be back on, Twitter shares surged 13% and were halted Tuesday morning at $47.96, before briefly resuming trading at the end of day to close at $52.05. On Wednesday morning, Twitter shares were down about 2.3%.


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.

Jamie Crawley

Jamie Crawley is a CoinDesk news reporter based in London.

Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to to register and buy your pass now.