Leading canine token Dogecoin (DOGE) pulled off a blistering rally in the past few hours following reports that Twitter is poised to accept Elon Musk’s $40B+ bid to take the social media giant private.
The Tesla/SpaceX CEO is a well-known Dogecoin enthusiast, having gleefully pumped the price of the meme-inspired cryptocurrency on multiple occasions. Musk’s purchase of Twitter is particularly bullish for DOGE, given he has indicated an interest in integrating the coin into the influential microblogging site.
Twitter Accepts Musk’s Takeover Bid
After acquiring 9.2% of Twitter’s free-floating stock, Musk later disclosed that he had made an offer to buy the entirety of the company for approximately $43 billion in cash, calling it his “best and final” offer.
Twitter instituted a so-called “poison pill” to prevent a hostile takeover by Musk. The company, however, reconsidered the bid after Musk announced he had secured $46.5 billion in financing.
Twitter, Inc. has now announced that it has reached a definitive agreement to be acquired by an entity controlled entirely by Elon Musk for $54.20 per share in cash in a $44 billion transaction. Twitter will hence become a privately held firm after the acquisition is completed.
Commenting on the acquisition, Twitter’s Independent Board Chair Bret Taylor, said: “The Twitter Board conducted a thoughtful and comprehensive process to assess Elon’s proposal with a deliberate focus on value, certainty, and financing. The proposed transaction will deliver a substantial cash premium, and we believe it is the best path forward for Twitter’s stockholders.”
Speaking at a TED event in Vancouver earlier this month, the eccentric tech titan listed putting Twitter’s source code on Github, eliminating spam bots, and adding Dogecoin payments for Twitter Blue subscriptions among his top priorities.
What Elon Musk’s Twitter Deal Could Do For DOGE
Dogecoin creator Billy Markus, who is in favor of Twitter being under Musk instead of a “bunch of hedge funds and investment groups”, recently shared three key things he believes will boost the utility of DOGE.
First, he suggested that more businesses accepting Dogecoin as a payment option would be good for the meme-inspired cryptocurrency which boasts low transaction fees and a high transaction speed. Markus then noted using DOGE as a tipping currency and building a Dogecoin-Ethereum bridge as the other ways to increase its utility.
The world’s richest man agreed that DOGE would definitely gain more utility if it was accepted by more businesses and used more as a microtransaction method. But he claimed that a bridge with ETH is not needed despite the potential use cases in the Web3 space.
Meanwhile, the Dogecoin price has jumped more than 15% in hours on the back of the Musk-Twitter latest reports. DOGE has rallied from the $0.12 level to as high as $0.15.
As Dogecoin investors hope for Musk’s favorite coin to be included in Twitter’s long-term plans, it wouldn’t be surprising to see him soon add DOGE to Twitter’s tipping feature as he finds himself at the helm of the company.