Dogecoin price falls as Elon Musk puts the $44B Twitter deal on hold

LAGOS ( Coinchapter.com) — The price for the meme cryptocurrency – Dogecoin (DOGE), has experienced a 6.65% decrease as the token currently sells for $0.0870 over the past 24 hours.

After a rough week in the crypto market, that decrease follows, seeing Dogecoin price lose more than 15%. This fall in price can be attributed to the Elon-Musk twitter deal on hold. 

In recent times, Elon Musk Dogecoin’s tweets have been one of the biggest drivers for this coin. Recently, he made another bullish statement about cryptocurrency as he affirms it has potential as a currency.

Some weeks ago, when Elon announced he was purchasing twitter for $44B, this coin experienced a 30% increase in its price, which saw it return to the list of top 10 most valuable cryptocurrencies. 

Furthermore, in a Twitter thread, Elon Musk suggested Dogecoin as a payment method for Twitter Blue ( a premium version of Twitter ).

As predicted, the price of Dogecoin is currently on a decline.

Elon musk – Twitter Saga

On Friday, May 13th, Elon Musk made known on Twitter that his $44 billion cash deal for the purchase of Twitter inc. was temporarily on hold “pending details supporting calculation that spam/fake accounts do indeed represent less than 5% of users.”

This announcement came days after Elon made it known that removing spam bots from the platform is top on his list of priorities.

However, 2 hours later, he tweeted that he was “still committed” to the acquisition. 

Some concerned community members have expressed their opinion regarding putting the Twitter deal on hold. However, it is just a tactic to negotiate down the acquisition price or to eventually back out of the deal for some.