Key Insights:
In a press release on Monday afternoon, Twitter announced it's to be acquired by Elon Musk. This definitive agreement will allow Twitter to be owned by Musk for $44 billion after both parties
agree upon $54.20 per share. Although Twitter initially rebuffed the bid made by the billionaire, it has now requested that shareholders vote in approval of the bid.
When it comes to voicing his views on crypto, Musk uses the microblogging site Twitter. His previous tweets have caused prices of BTC as well as dogecoin to skyrocket. In March, the price of doge increased by 11% when Musk revealed he wouldn't be selling his crypto assets.
When news of Elon Musk owning Twitter broke, the price of DOGE rose about 30%. The coin was trading for about 12 cents and began trading for almost 17 cents at 9 am on Monday. However, according to CoinMarketCap, the price tipped a bit.
Now that Musk seems to be taking over Twitter, there are speculations concerning dogecoin being Twitter's official crypto. He publicly suggested that Twitter adopts the dog-themed coin as a form of payment to Twitter content creators in recent months. Also, he told that Twitter uses the coin as a payment option for Pro subscribers.
Other crypto coins aren't left out as Elon Buys Twitter (EBT), a crypto coin that was recently launched saw a 6000% spike in price in less than a day. According to CoinMarketCap data at midnight on Monday, April 25th, EBT was $0.00000003589. When that press statement was released, it skyrocketed to $0.000001527.
In these past months, Elon Musk has made public his intentions to get rid of spambots and introduce human authentication. Should Musk achieve these, it would be a huge win for the crypto market. Kicking spam bots out of Twitter will reduce scams, but it will also point people's focus to practical blockchain developments.
Although ridding Twitter of spambots is a great move, it's not as easy as it sounds. It's a considerable feat that can impact the crypto market negatively.
Twitter Sell-off to Elon Musk doesn't come as a surprise as he publicly expresses his desire to buy the platform. Musk made it clear on April 14 that he wanted to buy the social media platform. The sell-off will undoubtedly positively impact the crypto market as Musk is an ardent supporter of DOGE and other crypto coins.