Cryptocurrency Dogecoin has risen after Elon Musk’s announcement of the purchase of Twitter

According to the Binance cryptocurrency exchange, on October 4, the price of the meme cryptocurrency Dogecoin (DOGE) rose by 8.5% to $ 0.0656. The price jump came after the news that Tesla and SpaceX CEO Elon Musk was buying Twitter. At the time of writing, DOGE is trading at $ 0.06, with a market capitalization of $ 8.383 billion.

It is worth reminding that the purchase of Twitter by Elon Musk was announced on April 25, when DOGE’s price rose by 29% overnight. However, in early July, Musk wanted to terminate the deal. The main reason was the large number of fake accounts on the platform. Soon after, Twitter sued Tesla’s CEO to force him to buy the social network for $ 44 billion. Amid these events, Twitter shares fell by 7%. At the same time, former Twitter security chief Peter Zatko spoke about significant shortcomings in protecting social media users from possible hacker attacks, privacy issues, and a large number of bots.

At the end of September, Elon Musk’s personal correspondence regarding the purchase of Twitter was leaked online. According to the billionaire, if each user of the platform paid a small amount for registration on the social network, it would reduce the number of fakes on the platform. And recently, it became known about cryptocurrency fraudsters who spread a fake crypto scheme under the guise of Elon Musk.