Dogecoin (DOGE) could not muster enough strength on Saturday as the collapse of Elon Musk’s Twitter acquisition crushed hopes for the mainstream acceptance of the coin. After the disclosure, the price of the largest memecoin in the world decreased by more than 4 percent. In recent weeks, the token looks to be reacting less strongly to Musk’s social media comments, rants included. Musk canceled his $44 billion plan to take over Twitter on Friday, alleging that the social media company is issuing “misleading” assertions about the amount of phony accounts, according to a regulatory filing. Earlier this year, the billionaire proposed purchasing Twitter for almost $43 billion. After Musk hinted at a possible incorporation of Dogecoin into Twitter, DOGE appreciated significantly upon the initial announcement of the transaction. Dogecoin Needs Musk Tweet To Rise The token’s popularity is partly down to the world’s richest man’s ongoing endorsement and promotion of it on social media, which contributed significantly to the cryptocurrency’s meteoric rise. According to a recent analysis, searches for “Dogecoin” surged in 2019 and 2020 after Musk tweeted about it. DOGE had gained roughly 30 percent by the time Twitter’s board gave the green light to the Tesla CEO’s buyout proposal. However, it has since rapidly reversed those advances. Suggested Reading | Solana...
