Dogecoin Price Increases in Response to the Twitter Offer by the Dogefather

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In light of Elon Musk’s offer to buy Twitter, Dogecoin (DOGE) has experienced a short price surge. 

Dogecoin (DOGE) saw a 6% increase in the aftermath of Elon Musk’s offering to buy Twitter at $54.20 per share. The price of the meme cryptocurrency increased by $0.1392 to $0.1475. Nonetheless, the price of Dogecoin (DOGE) has now returned to $0.1451.

Elon Musk, the most ardent supporter of Dogecoin (DOGE), proposed to acquire Twitter for $41 billion in cash because, per the SEC filing, he envisions significant prospects in transforming the microblogging firm into a global platform for free speech.

To do this, Musk asserts, the corporation must undergo some modifications, which are better managed by a privately owned company rather than a public one. Some speculate that Musk plans to replace the current management of Twitter should his offer be approved. Twitter is currently contemplating the opportunity.

Some people claim that Elon Musk made the offer so that he could sell off the 9.2% stake he bought previously at a higher price. As Crypto Academy reported earlier on Thursday, Musk said that he would revisit the shareholder position if the offer is not accepted. 

The share price of Twitter increased from 41.96 EUR to 47.46 EUR following the news. At the time being, Twitter (TWTR) is changing hands at 45.08 EUR per share.

Justin Sun, the former TRON CEO has also made an offer to acquire Twitter in response to Elon Musk’s announcement. Sun proposed a share price of $60, which is higher than Musk’s offer. 

Sun reiterated in a Twitter thread that he intends to relocate Twitter’s operations overseas and decentralize its workforce. Additionally, he aspires to transform Twitter to a “more open and decentralized Web3 framework that is open source and friendly to developers.”

Elon previously suggested supporting Dogecoin (DOGE) for Twitter Blue premium subscriptions when he was asked to join the board of Twitter, which he did not accept.

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