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#DogecoinToTheMoon: Elon Musk’s Twitter deal set for Friday – can Dogecoin continue to surge?

By Raphael Sanis

Edited by Charlie Mellor

09:43, 27 October 2022

Elon Musk's Twitter profile
Elon Musk is set to buy Twitter on 28 October for $54.20 a share, approximately $44bn – Photo: Shutterstock

The price of dogecoin (DOGE) has picked up once again as the deadline approaches for Elon Musk to complete the $44bn takeover of social media network Twitter.

The closing date of the deal is Friday 28 October, when Musk also plans to address staff at Twitter HQ.

Meanwhile, at the time of writing DOGE has rallied to a 30-day high and was up 30% over the past seven days, as of 27 October.

DOGE to USD

Musk’s change of heart

Musk has a history with dogecoin. The entrepreneur’s tweets have often caused volatile price movements of the meme token, whether it was the promotion of his appearance as guest host on US comedy show Saturday Night Live or a dog-themed magazine cover.

The price of dogecoin also rallied earlier this month following the U-turn by Musk to go through with the purchase of Twitter (TWTR).

Twitter (TWTR) share price chart

XRP/USD

0.60 Price
+3.300% 1D Chg, %
Long position overnight fee -0.0753%
Short position overnight fee 0.0069%
Overnight fee time 21:00 (UTC)
Spread 0.01168

BTC/USD

67,289.05 Price
+0.350% 1D Chg, %
Long position overnight fee -0.0616%
Short position overnight fee 0.0137%
Overnight fee time 21:00 (UTC)
Spread 106.00

DOGE/USD

0.13 Price
+7.190% 1D Chg, %
Long position overnight fee -0.0753%
Short position overnight fee 0.0069%
Overnight fee time 21:00 (UTC)
Spread 0.0012872

ETH/USD

3,521.40 Price
+0.360% 1D Chg, %
Long position overnight fee -0.0616%
Short position overnight fee 0.0137%
Overnight fee time 21:00 (UTC)
Spread 6.00

This followed news that the social media network was pursuing legal routes after the billionaire backtracked on his original offer in July.

Musk reproposed to buy Twitter on 5 October for the previously agreed price of $54.20 a share. The following day DOGE rocketed and hit a high of $0.066.

DOGE’s recent movements

Dogecoin regained momentum on 25 October as Musk geared up to complete the takeover deal.

The entrepreneur posted a video on Twitter of him carrying a kitchen sink into the office. While not clear, this could potentially relate to the business term “kitchen sinking”, which is defined as taking extreme action at a company.

DOGE has experienced steady gains since Tuesday 25 October. The meme token climbed above $0.07 on 26 October and reached a provisional high of $0.080 the following day.

At the time of writing, DOGE was trading at $0.077, up 16% in the past 24 hours and 30% over the past week.

Markets in this article

DOGE/USD
DogeCoin / USD
0.1345735 USD
0.0089794 +7.190%

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The difference between trading assets and CFDs
The main difference between CFD trading and trading assets, such as commodities and stocks, is that you don’t own the underlying asset when you trade on a CFD.
You can still benefit if the market moves in your favour, or make a loss if it moves against you. However, with traditional trading you enter a contract to exchange the legal ownership of the individual shares or the commodities for money, and you own this until you sell it again.
CFDs are leveraged products, which means that you only need to deposit a percentage of the full value of the CFD trade in order to open a position. But with traditional trading, you buy the assets for the full amount. In the UK, there is no stamp duty on CFD trading, but there is when you buy stocks, for example.
CFDs attract overnight costs to hold the trades (unless you use 1-1 leverage), which makes them more suited to short-term trading opportunities. Stocks and commodities are more normally bought and held for longer. You might also pay a broker commission or fees when buying and selling assets direct and you’d need somewhere to store them safely.
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