- Dogecoin Twitter dreams look further away than ever after Musk deal collapses
- Elon Musk was not satisfied with the total number of phony Twitter accounts declared by the social media platform and decided to walk out of the deal
- SpaceX CEO had previously tweeted that DOGE would become a mode of transactions on Twitter if the deal were successful
- We can expect Dogecoin volatility to be high after the deal collapsed; the Twitter stock has already fallen by 6% after the news became come knowledge
Dogecoin and Elon Musk are made for each other. But in this love affair, Twitter has played spoilsport. Elon Musk was on the brink of acquiring Twitter, but the deal collapsed due to certain differences with the board. Investors expected the DOGE price to rise once the deal went through. They imagined DOGE as the primary transaction token on Twitter even before the deal went through. Such dreamers are hit hard as the Dogecoin Twitter reality now seems a far-fetched dream.
Dogecoin Twitter Deal Collapses: Events as they Unfolded
Dogecoin was rallying in the past few weeks as Musk’s Twitter deal was very much alive. It constantly showed price appreciation as DOGE investors were confident about the agreement’s success.
In the past, SpaceX owner Elon Musk had said that he would incorporate DOGE into Twitter transactions after the acquisition of the social media platform. As a result, DOGE was jumping.
But the investors lost all hopes of DOGE gaining mainstream acceptance after the deal fell through. After the revelation, the world’s largest meme crypto saw its price drop by 4%.
One of the biggest reasons for Musk’s cancellation of the Twitter deal is ‘misleading’ asserting by Twitter about the number of phony accounts on the platform.
Not so long ago, Elon Musk’s tweets had a magical impact on the price of Dogecoin. But it hasn’t been the case in the past few weeks.
Even Elon Musk has stayed mum on the issue. He hasn’t said anything conclusive about the crypto despite earning the tag of DOGE father.
It is worth noting that Dogecoin initially surged by 30% when the Twitter board said ‘YES’ to Elon Musk’s proposal not so long ago.
Given the 30% price rise then, investors were waiting with bated breath to see whether Elon Musk would go ahead with the Twitter acquisition.
But now that the deal has failed, the chances of Dogecoin going mainstream are slimmer than ever before. It is worth noting that Twitter’s stock is also down by 6%.
We can expect a lot of volatility in Dogecoin’s price after Elon’s Twitter fell apart. Musk hasn’t said much about Dogecoin, which is the primary reason for the crypto not doing too well in recent history. After the breakdown of the Elon and Twitter agreement, DOGE needs support from its godfather more than ever before. Whether Elon Musk will open his mouth and rejuvenate the investors’ spirits remains to be seen. Although it is worth noting that in the recent past, Musk has had plenty of opportunities to vouch for Dogecoin, he has refrained from making exuberant comments like he used to do regularly in the past.
Also Read: Why Dogecoin Desperately Needs Musk Support?