DOGE saw price surges this month despite Elon Musk backing off the Twitter deal which crushed the hopes for mainstream acceptance for the coin as we can see more today in our latest dogecoin news.
After the disclosure, the price of the meme coin decreased by about 4% and the token looks to be reacting slower to Musk’s social media comments. Musk decided to cancel the $44 billion plan to acquire Twitter alleging that the platform is issuing misleading assertions about the accounts according to the regulatory filing. The billionaire proposed buying Twitter for $43 billion but Musk hinted possible incorporation of DOGE into Twitter and it DOGE increased right after the announcement.
The tokens’ popularity is partly because of the world’s richest man and his endorsement and promotion of DOGE on social media which often contributed to the price rises. According to a recent analysis, the searchers for DOGE surged in 2019 and 2020 after Musk tweeted about it. DOGE gained another 30% by the time Twitter’s board gave a green light for the buyout plan. However, it then reversed these advances. In the after-hours market, Twitter’s stock prices dropped by 6% and this is 35% less than the $54.20 price when Musk agreed to buy the social media company in April.
After the closing bell, Twitter’s stock prices dropped to the lowest levels since March. The chairman of the Twitter board of Directors Bret Taylor, also said he considers filing a lawsuit against Musk to enforce the terms of the buyout agreement. Musk’s attorneys stated that Twitter failed to reply to requests for information on fraudulent or spam accounts which was crucial for the company’s performance. However, DOGE saw price surges this month and analysts remain optimistic about its future.
For exampel, the price of DOGE could hit $0.12 and now the coin is selling at $0.0699 which is an increase of 5.5%. the traders who know about the meme coin will agree that it is a notable increase but also was influenced by some FOMO. According to the technical analysis, the DOGE price will icnrease and it is still hard to determine whether a bottom was reached.
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