Altcoins

Dogecoin (DOGE) Price Plunge As Twitter Vows Lawsuit Against Elon Musk!

Written by: Elena R

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Elena R

Elena is an expert in technical analysis and risk management in cryptocurrency market. She has 10+year experience in writing - accordingly she is avid journalists with a passion towards researching new insights coming into crypto erena.

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Jul 9, 2022

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Though the global cryptocurrency market opened the week on a bear note, the market has ended the weekend with some decent gains surpassing the overall market cap above $950 billion. At the moment, the global crypto market cap is positioned at $955.39 Billion.

While Bitcoin price started its bullish journey, the altcoins too have seen quite a decent run. 

However, the meme-currency, Dogecoin price saw a pull back with Elon Musk’s Twitter deal getting terminated. This deal served as a mainstream adoption for Dogecoin.

As the news of Elon Musk terminating the Twitter deal broke, the Dogecoin price dropped almost 4%. Currently, Dogecoin is changing hands at $0.069. However, it looks like Elon Musk’s announcement has not impacted much on Dogecoin’s price, as the currency is still signaling green.

Elon Musk had shown interest in purchasing the social media giant, Twitter for about $43 billion. However, the billionaire sent a termination letter to Twitter through his lawyers. The letter stated that Twitter failed to disclose information regarding the spam and fake accounts cited on the platform. Tesla’s CEO, before sending the letter of termination, had earlier paused the deal in the month of May due to the same reasons.

Initially, when Elon Musk made an approach towards the deal, there was an indication for integrating Dogecoin into Twitter. This announcement by Elon Musk pushed Dogecoin towards some gains.

Lawsuit Against Elon Musk?

Even before the deal, Elon Musk has been a major support system for the meme currency and is trying his best to increase the currency’s popularity. Nevertheless, recently, Elon Musk’s Tesla made an announcement of accepting Dogecoin payments, but his move toward Dogecoin is not having much impact on the currency.

Meanwhile, this Twitter deal has not just impacted Dogecoin but has also pulled down Friday’s aftermarket trading. 

Now, Twitter has pledged to fight back with legal action against Elon Musk. This move will see a legal battle between the two.

Suppose this happens, it will have a severe impact on Dogecoin prices and the overall market.

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Elena R

Elena is an expert in technical analysis and risk management in cryptocurrency market. She has 10+year experience in writing - accordingly she is avid journalists with a passion towards researching new insights coming into crypto erena.

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