Less than three months since Elon Musk declared interest in purchasing Twitter and receiving backing from various crypto firms, the dream ever to hold the social media giant under his thralls is fizzling, throwing DOGE adherents into a muddle.
Last week, Musk decided to walk away from the $44 billion takeover deal stating that Twitter was in material breach of multiple purchase agreement provisions, a filing with the Securities Exchange Commission revealed. Earlier this week, the matter escalated after Twitter filed a lawsuit in the US state of Delaware, citing bad faith on Musk’s part and seeking to compel him to complete the deal.
With the matter blowing out of proportion, crypto Twitter and more so Dogecoin adherents have been left hanging after it became apparent that Elon’s ambitious plans for Doge, once he had acquired Twitter, may not materialize. By all standards, Elon Musk has been one of the most outspoken billionaires on crypto Twitter. Although he has supported Bitcoin and a bunch of meme-coins, his deep regard for Dogecoin has been demonstrated in integrating it as a payment option for his companies and touting it as the most sustainable cryptocurrency.
Whereas Twitter already has tipping features for Bitcoin and Ethereum and a verification feature for NFT profile pictures, these crypto projects have faded either by design or mismanagement. Before the merger, Musk had shared several changes he wanted to bring to Twitter, including integrating Dogecoin for payments. Users can only tip their favorite creators with Doge using third-party service providers.
He also planned on adopting a less restrictive content oversight and opening up Twitter’s source code, potentially enabling more crypto projects to be integrated into the platform.
In the run-up to the ongoing face-off, Dogecoin supporters were enthralled that a positive outcome on the deal would boost the coin’s image and thrust the meme coin’s price to the moon. However, as it now seems, that vision is still far away, with Musk increasingly showing disinterest in the deal.
Since joining Twitter’s board in April after purchasing a 9.2% stake in the firm, Dogecoin has plunged by roughly 65%. However, despite the deal’s descent, DOGE continues to hold up well- at least for now- with its drop associated with the wider crypto market crash. Earlier this week, the price bounced off multi-year support at $0.050. Investors have been gobbling up more coins at this level as it’s ‘the last and most significant floor’ for price.
As of writing, Dogecoin is trading at $0.063 after a 3.43% rise in the past 24 hours. DOGE is also retailing at a 90% plus discount from its all-time high, making purchases around here attractive.