Dogecoin Plummets As Investors’ Doubts After Musk Twitter Takeover Unfold

Investors are raising concerns about Elon Musk’s acquisition of Twitter. After soaring to a multi-week high price, the Dogecoin has crashed by 20% and is trading at $0.1381 with a total market cap of around $18 billion. In an announcement on Monday, Twitter agreed to be acquired by Tesla and SpaceX CEO Elon Musk for $54 per share. This would give the company a value of more than $44 billion. Related Reading | Dogecoin (DOGE) Struggles, Drops 9% After Elon Musk Twitter Buyout Many people thought that Musk buying Twitter would help boost Dogecoin’s momentum. For 24 hours, it seemed as though they were right until the excitement and interest quickly dissipated from all sides. Traders lost $281 million worth of “longs” to liquidation in the past 24 hours. Overall the total liquidation amount reached $350 million. This is the third-largest level in the month of April. Of that amount, about one-third ($128 million) came from bitcoin-tracked futures. While $92 million arose from ether futures. Futures tracking dogecoin lost $24 million, similar to Tuesday’s loss. Doubts On Musk’s Twitter Acquisition Some Twitter shareholders are concerned that the acquisition may not go through. For instance, their price per share is trading at $49, lower than offered ($54). In addition, the company currently has a market value of about $37 billion – $6 billion less than when this deal first began. The acquisition of Twitter by Tesla...