Dogecoin has jumped over 15% in the past hours to trade at about $0.15 after Twitter settled on Elon Musk’s proposal to acquire the firm for $54.2 per share, equivalent to $44 billion.
Dogecoin co-founder Billy Markus welcomes Musk’s leadership on Twitter, saying that the same could see more businesses accept Dogecoin in payments.
Markus maintains that DOGE will gain more utility if it gains acceptance among merchants. He cites use cases in tipping and the importance of the Dogecoin-Ethereum bridge.
Musk initially purchased 9.2% of Twitter’s free-floating stocks before announcing an offer to purchase the whole company afterward for $43 billion in cash in a ‘best and final’ offer.
The social media platform had initially launched a poison pill to block the takeover before the decision was reversed when the Tesla CEO announced that he had secured $46.5 billion in funding.