Dogecoin price surges after NYT reports of Twitter board accepting Elon’s offer

The price of the very popular meme-based cryptocurrency Dogecoin ($DOGE), which appears to be Tesla and SpaceX CEO Elon Musk’s favourite cryptocurrency based on how often he talks about it, is climbing on Monday (April 25).

Dogecoin was first released on December 6, 2013, with the slogan “fun and friendly internet currency.” The concept was conceived by Billy Markus and Jackson Palmer. It’s a “decentralised, peer-to-peer digital currency” whose mascot is a Shiba Inu (a Japanese breed of dog). Its popularity has soared since then, and it is now the 11th most valuable cryptocurrency, with a market capitalization of approximately $20 billion.

According to a report published late yesterday (April 24) by The New York Times (NYT), Twitter is “nearing an agreement to sell itself to Elon Musk, a move that would merge the world’s richest man with the influential social networking service,” based on what two people familiar with the situation informed them. “A deal might be revealed as soon as Monday,” their two sources say.

The NYT report highlighted the following:

“The people spoke on the condition of anonymity because they were not authorised to discuss confidential information. Twitter’s board was negotiating with Mr. Musk into the early hours of Monday over his unsolicited bid to buy the company after he began lining up $46.5 billion in financing for the offer last week, according to the people. According to them, the two sides were negotiating issues such as a deadline for closing any potential deal and any costs that would be paid if an agreement was signed but then fell apart.

The talks came after a Twitter board meeting on Sunday morning to explore Mr. Musk’s offer, according to the sources. The people said that getting finance commitments changed the way the board looked at Mr. Musk’s $54.20 per share offer, allowing the company’s 11 board members to seriously examine it.”

$DOGE is presently trading around $0.1393, up 4.58 percent in the last 24 hours, according to CryptoCompare data.

Read more: April 20 as Dogecoin day: One-year highlights