DOGE Dumps Gains From Musk’s Twitter Buy By 9%

DOGE dumps gains from Musk’s Twitter purchase by 9% and is struggling to hold on to its Monday gains as It slip away earlier today so let’s read more today in the Dogecoin news.

Dogecoin is down by 8% so far and sheds some of the price gains that it was on Monday after Elon Musk purchased Twitter. Doge dumps gains by 9% after the hype of Musk’s Twitter purchase fades away. Dogecoin had a banner day yesterday as the leading meme coin popped in value on the news that Elon Musk, Tesla CEO will acquire Twitter. It pumped by 26% over the past day and hit an apex in the afternoon after the official announcement emerged.

However today, it wasn’t as kind. DOGE’s price shed about 9% of its price according to the data from CoinMarketCap. Dogecoin’s price sits above $0.14 per coin as of the time of writing and the most valuable meme coin by market cap now is about 4% over the past 30 days tht including a spike above $0.17 when Musk joined the Twitter board after acquiring a 9.2% stake in the company. Doge is still down by 81% of the all-time high price set in May 2021 before the market crashed. It hasn’t come close to recapturing these gains again.

Elon Musk was tied to the meme coin for a few years now with his tweets and memes often leading to a price surge for Doge. His support for the meme coin helped fuel the rise last year when the price increased for the first time above a penny and soared for months after. Some dogecoin believes that once Musk adds the DOGE payments option to Twitter, the coin will surge in value. Twitter already offers tipping via Bitcoin and Ethereum and allows users to display their ETH NFT as verified profile pictures via its premium Blue subscription service. The wider crypto market is now down by 3% as of the time of writing and Shiba Inu on the other hand is down by 3% in the past day.

As recently reported, Tesla CEO is taking over Twitter in what was seen as a remarkable turnaround when the board accepted Elon Musk’s takeover bid to buy the social media company. Under the new agreement, Twitter stakeholders will get $54.20 per share and this is 38% higher than the closing price on April 1 which is the day before Musk announced it got a 9% stake in the company. The share prices stood at $50.65 at the start of Monday and were up by $52.01 in intraday trading.