The prices of the two most popular memecoins, Dogecoin and Shiba Inu, received a boost today following Elon Musk’s Twitter takeover news.  

Dogecoin up double figures

Dogecoin is up 24% in the past 24 hours as the memecoin has benefited from the positive news and the positive market sentiment. Musk is a known advocate of Dogecoin and is also a member of the Dogecoin Foundation. 

Shiba Inu has also benefited from the announcement, with the Ethereum-based Memecoin up 5% during this period. In addition, Shiba Inu has made several developments in recent weeks, with the latest launch of the SHIB burn portal for holders to burn their tokens for passive income. 

Musk has also touted transforming Twitter and adding key features like tipping and crypto wallets options for Dogecoin in the past. 

Full details of Musk’s purchase 

According to the agreement, Twitter will be wholly owned by Elon Musk at $54.20 per share, which gives a total value of $44 billion. This will be one of the highest-profile tech company purchases in recent years. 

Musk revealed his delight in purchasing Twitter and highlighted his ideas for the future. “Twitter has a purpose and relevance that impacts the entire world. Deeply proud of our teams and inspired by the work that has never been more important.” 

“Free speech is the bedrock of a functioning democracy, and Twitter is the digital town square where matters vital to the future of humanity are debated,” he noted. 

Twitter plans to release its first-quarter fiscal year 2022 results before market open on April 28, 2022. This development has excited the crypto community, with many expecting major changes that could foster the growth of the industry