Dogecoin spikes 10% as Elon Musk-Twitter Deal is nearing to conclusion

Vignesh Karunanidhi
Dogecoin Spikes 10% as Elon Musk-Twitter Deal is Nearing to Conclusion
Source: GOBankingRates

The meme coin king, Dogecoin, has spiked by over 10% in the last 24 hours. Data from CoinMarketCap suggests that DOGE has touched $0.06868 from a low of $0.06062 in the last 24 hours.

The hike in price can be attributed to the Elon Musk-Twitter deal finalizing news that went live earlier. Musk delivered the information to the debt bankers via video conference. According to sources close to the situation, the purchase is expected to be finalized by Friday.

The banks have finalized the $13 billion debt. The specifics suggest that the only thing left to do is sign the papers. This will be the penultimate phase before the cash is transferred to Musk, according to sources familiar with the situation.

Dogecoin is Elon Musk’s favorite currency. The Twitter takeover is likely to increase the adoption of DOGE. The DOGE community is also anticipating that Musk might include Dogecoin for tipping and accept DOGE for payment.

Elon Musk furnished the banks with information that indicates that the deal will conclude before the court-imposed deadline of October 28th. The money is anticipated to be held in escrow on Thursday, according to sources with knowledge of the situation.

Crypto market regains $1 trillion market cap

The global market cap has finally regained the benchmark of $1 trillion. The crypto global market cap was hovering below $1 trillion, but the market has flipped and has erased the bloodshed. Major coins have increased by single digits and double digits.

Ethereum stands out as one of the top gainers, with a 14% gain in the last 24 hours. ETH traded at $1,378 and touched $1,572 at the time of writing. Bitcoin also broke the $20,000 support level and is trading at $20,821, with a 6.89% gain in the last 24 hours.

However, it is unclear whether the bullish rally is a bubble and whether the crypto realm is bracing for a reversal.