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Dogecoin is up 11% over the past 24 hours despite legal moves to both scuttle and advance the tenuous acquisition initiated by Tesla CEO to acquire the social media platform.
Key points
- According to CoinMarketCap, Dogecoin (DOGE) popped 11% during the past day, and 23% the past week despite legal bickering between Elon Musk and Twitter management to both end and proceed with the $44 billion deal.
- Many crypto enthusiasts predicted that Musk’s public penchant for DOGE would result in some sort of functional role for the dog-themed crypto once he acquired Twitter.
- But earlier this month Musk said he wanted out of the deal, and Twitter subsequently sued him. On Tuesday, a Delaware judge ruled a five-day trial would occur in October.
The price for Dogecoin (DOGE) has been yipping higher across cryptocurrency exchanges, nipping at an intraday high of $0.07657 for an 11% increase over the past day and a 23% jump the past week, shows CoinMarketCap. That positive price action is surprising and reflects the fact that DOGE seems completely unaffected by major legal maneuvers and uncertainty surrounding the possible $44 billion deal initiated earlier this year by Elon Musk to acquire the social media platform, Twitter.
Two weeks ago, the Tesla/SpaceX CEO said he wanted to back out of the deal. Twitter sued to try and hold Musk to the deal, while Musk countersued. The public back and forth between both sides culminated in a ruling yesterday by a Delaware judge that a five-day trial would be set for October to settle the matter.
Coming off that news, the price of Twitter’s stock (NYSE: TWTR) was down about 2% this morning at $38.85 per share at press time, according to Yahoo! Finance. Under the definitive agreement to become a wholly-owned subsidiary of Elon Musk’s, the agreed upon price per share of Twitter stock was $54.20, capturing a 38% premium above the Twitter stock price on April 1, 2022, according to the original announcement.
DOGE is chasing higher value despite deal dispute
Since then, deal watchers and crypto enthusiasts alike have predicted that Musk’s favorite crypto would have a significant, functional role across the Twitterverse once Musk sealed the deal. The dog-themed meme coin had previously pumped at each announced milestone as the purchase talks progressed.
That step change in DOGE’s price was almost the exclusive result of Musk’s ongoing public support of DOGE as a superior form of digital payment compared to current cryptocurrency top dog, Bitcoin. The spectrum of speculated applications for DOGE on Twitter included launching it as a digital payment alternative to Paypal or Venmo; creating a DOGE-based wallet for NFTs or other digital assets; or merely as a preferred method of exchange for Twitter advertisers and subscribers alike.
For now we’ll have to wait and see how this legal dogfight plays out in the courts, and whether or not Musk can dig his way out of the Twitter deal or is forced to accept it with his tail between his legs.
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