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Dogecoin soared nearly 30% on Tuesday after Tesla boss Elon Musk agreed to buy Twitter for $44 billion.
The world's largest memecoin by market capitalisation is now priced at $0.16, according to CoinMarketCap statistics.
Dogecoin, which features a Shiba Inu dog as its symbol, is still down 78.4% from its all-time high of $0.73 on May 08, 2021.
After the Twitter board accepted Elon Musk's purchase price and conditions a green candlestick lit under the price of Dogecoin (DOGE-USD) and the cryptocurrency made a parabolic move.
On Monday, Twitter announced that it has reached a “definitive agreement to be bought by an entity entirely owned by Elon Musk for $54.20 per share in cash, in a transaction valued at about $44 billion".
Read more: Is bitcoin helpful to totalitarian regimes?
After Musk's acquisition, the social media giant founded by Jack Dorsey in 2006 will revert to its status as a “privately held corporation.”
Referring to the takeover by Mr Musk and the fact the company will no longer be publically listed, Mr Dorsey wrote on Twitter: “I love Twitter.
"Twitter is the closest thing we have to a global consciousness."
“The idea and service is all that matters to me, and I will do whatever it takes to protect both.
"Twitter as a company has always been my sole issue and my biggest regret.
"It has been owned by Wall Street and the ad model.
"Taking it back from Wall Street is the correct first step."
Mr Dorsey added that "Elon is the singular solution I trust, I trust his mission to extend the light of consciousness".
Musk has not been shy about his affection for Dogecoin and its possible use as a medium of exchange within the Twitter ecosystem.
Read more: 'Crypto lobby groups are dictating terms in Washington'
There has been speculation that advertisers could be able to pay for ads on Twitter using dogecoin.
This would emulate what we have seen happen in Musk's other company, the car-maker Tesla, where customers have the ability to purchase some products using dogecoin.
Products buyable with the meme-based cryptocurrency include the Cyberquad for Kids, the Giga Texas Belt Buckle and the Cyberwhistle.
The global crypto market cap is now $1.87T, seeing a 5.45% increase over the last day.
Read more: Crypto live prices
Bitcoin (BTC-USD) made gains of close to 6% on Tuesday, rising to $40,615 as of the time of writing.
Bitcoin's move above $40K has alleviated crypto enthusiasts after analysts forecasted a slump to $31K last week.
Second place cryptocurrency ethereum (ETH-USD) has broken through the $3k psychological level to push past $3,002 Tuesday morning UK-time.
Watch: Steve Hanke: 'Cryptocurrencies are fiat money on steroids'
The upmarket brand said talks over an emergency cash call with investors, including its founder Tom Joule, were unsuccessful.
Sources tell Reuters funds were part of $10bn founder Sam Bankman-Fried transferred to his hedge fund
Theranos founder faces maximum of 20 years in prison after she was found guilty of fraud and conspiracy
Avoid supermarket convenience stores and stock up when you can to save hundreds of pounds a year.
In the changed post COVID-19 business landscape, the global market for ZDDP Additives estimated at US$2. 7 Billion in the year 2020, is projected to reach a revised size of US$3 Billion by 2027, growing at aCAGR of 1.New York, Nov. 14, 2022 (GLOBE NEWSWIRE) — Reportlinker.com announces the release of the report "Global ZDDP Additives Industry" – https://www.reportlinker.com/p05961225/?utm_source=GNW 7% over the period 2020-2027. Primary Alkyl ZDDP, one of the segments analyzed in the report, is
Damning report questions regulator’s fitness to police the industry after so many suppliers folded
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Cost of living crisis affecting different generations in very different ways, says Resolution Foundation
However, the Chancellor insisted it is ‘not just going to be bad news’ on Thursday.
Ed Markey had complained to billionaire about fake verified account in his name
The succession of PMs have all spoken out on who or what has caused the state of UK finances. They’re all partly right, but conveniently miss out one or two other key reasons
Global X-ray Equipment Market 2022-2026 The analyst has been monitoring the X-ray equipment market and it is poised to grow by $3. 34 bn during 2022-2026, accelerating at a CAGR of 5.New York, Nov. 14, 2022 (GLOBE NEWSWIRE) — Reportlinker.com announces the release of the report "Global X-Ray Equipment Market 2022-2026" – https://www.reportlinker.com/p06359928/?utm_source=GNW 65% during the forecast period. Our report on the X-ray equipment market provides a holistic analysis, market size and fo
The 'Tesla of China' announced its third-quarter results last week, sending the shares up higher. Is now the time for me to buy NIO stock? The post Should I buy NIO stock after it rocketed back above $11? appeared first on The Motley Fool UK.
The company’s efforts to raise cash have not been successful, it said on Monday
Investors fear cryptocurrency's equivalent of a run on the banks as the head of another popular exchange tried to reassure investors following the dramatic collapse of FTX.
Dr James Fox investigates how 3,000 shares in Direct Line Group could provide him with a monthly passive income. The post I’d buy 3,000 shares of this stock for £60 a month in passive income! appeared first on The Motley Fool UK.
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The Bank of England is facing a fresh row over the speed of post-Brexit reforms after saying insurance red tape cannot be torn up for at least two years.
Global Distributed Solar Power Generation Market 2022-2026 The analyst has been monitoring the distributed solar power generation market and it is poised to grow by $67. 52 bn during 2022-2026, accelerating at a CAGR of 19.New York, Nov. 14, 2022 (GLOBE NEWSWIRE) — Reportlinker.com announces the release of the report "Global Distributed Solar Power Generation Market 2022-2026" – https://www.reportlinker.com/p06359927/?utm_source=GNW 25% during the forecast period. Our report on the distributed

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