The world’s largest meme cryptocurrency, Dogecoin (DOGE), surged over 5% in just a few minutes on Thursday, after “dogefather” Elon Musk offered to buy Twitter for $43 billion.
Musk recently became Twitter’s largest shareholder, holding a 9.2% stake. He recently also toyed with the idea of accepting DOGE as payment for a subscription service, a development to which the meme token responded positively.
Still, DOGE prices appeared to have stabilized after an initial spike. It remains to be seen whether Twitter will accept the proposal.
DOGE jumps as much as 6%
DOGE bounced from the $0.1392 price level to $0.1475 in reaction to the offer. The token is trading at an average price of $0.145005, at the press time. DOGE is already up by 5%, while, its 24 hours trading volume has surged by over 19%.
Recently, Elon Musk rejected Twitter’s offer to join its board of directors even after becoming the biggest shareholder of the company. Musk has offered to pay $54.20 for each share in the social media firm. Musk said he intended to unlock Twitter’s potential as a global platform for free speech through a takeover.
Steven Ehrlich, Director of Research at Forbes Crypto, noted that DOGE is likely pumping over Elon Musk’s Twitter proposal.
Whale accumulation grows
Meanwhile, the news has left the whales and Dogecoin lovers excited. According to the Ðogecoin Whale Alert, there has been a sudden increase in the Whales’ DOGE accumulation. In the past few hours, Whales have bought over $11 million worth of Dogecoins in multiple transactions. The biggest transaction that has been recorded of $3.23 million.
Musk holds DOGE, and has also hyped it in his tweets, sparking strong price movement from the token. Electric car maker Tesla also accepts the meme token as payment for certain merchandise.
This is not the first time that Dogecoin has reacted like this over Elon Musk’s Tweet or announcement. The last time when it was revealed that Tesla’s chief has bought huge stakes in the social media platform, DOGE’s and Twitter’s prices jumped by 8% and 25% respectively.