Dogecoin (DOGE) jumped 9% in the last hour after news that Elon Musk was close to buying Twitter for $54.20 (R 846,47)a share. DOGE rose to $0.14( R 2,19) at the time of writing from $0.12( R1,72). Twitter (TWTR) futures in Frankfurt rose 6.48 percent.
Twitter is negotiating the terms of the deal, which might be finalized by Monday, reports Reuters. Musk owns 9.2 percent of Twitter, according to a filing earlier this month.
Dogecoin tokens and Musk’s upcoming acquisition of Twitter are unrelated. However, other analysts claim Musk’s persistent support for the meme coin attracts crypto investors anticipating Twitter will adopt it in the long run.
“Advertisers may be able to pay DOGE for adverts and other usage on Twitter,” Kryptomon CMO Tomer Nuni said. “We saw the same thing when Tesla announced DOGE payment capability. So, like Tesla, Musk’s businesses and stakeholdings may start accepting crypto.”
Musk suggested DOGE payments on Twitter earlier this month, proposing DOGE as a payment option for Twitter Blue, the site’s premium subscription service.
Tesla’s online store already accepts DOGE. Musk has previously tweeted about collaborating with dogecoin developers to increase system efficiency.