DOGE up 8% as Elon Musk makes new acquisition offer for Twitter

Trading has halted on Twitter as Elon Musk has reportedly reissued his original offer of $54.20 per share to buy the company. The stock was up 12% on the day before trading was halted.

Musk had discussed adding the capability for users to pay for Twitter’s premium service, Twitter Blue, using Dogecoin prior to the deal going south over concerns around the number of bots on the platform.

Bloomberg reported that the trial scheduled for Oct. 17, in which Twitter’s board was suing Musk for pulling out of the original deal, may no longer go ahead. The Twitter board attempted to force the sale through legal means, and the court case would have scrutinized the use of bots on Twitter in a public arena.

The price of DOGE jumped 8% as the news broke, hitting a local high of $0.066. The coin was down 91% since its all-time high in May 2021. It is, however, up 31% since the local bottom of $0.048, seen on Jun. 18, 2022.

Musk is also currently the subject of a $258 billion lawsuit in which he was accused of shilling  Dogecoin through a pyramid scheme. The price movement of DOGE relative to Elon Musk’s business ventures cannot be denied. Over the years, whenever Musk has mentioned DOGE, the coin has seen a short-term pump in both volume and price action.

However, in June of this year, Musk denied the allegations stating

“I intend to personally support Dogecoin because I just know a lot of people who are not that wealthy that have encouraged me to buy and support Dogecoin. So I’m responding to those people.”

The last public reference to Dogecoin by Musk was in September when he promoted a Cybertuck-inspired whistle which could only be purchased via the Tesla website using DOGE. The whistle was available for 1,000 DOGE and is currently out of stock.

Musk also made Tesla merchandise available to purchase with DOGE in May. While Musk has been relatively quiet on the Dogecoin front in recent months, he talks to a graphic designer for the Dogecoin Foundation almost daily on Twitter.

The Dogecoin community will be waiting with bated breath as to whether the deal will finally go through, and Musk will keep his promise of allowing Twitter users to also pay with Doge, similar to what he has done with Tesla.