Dogecoin (DOGE) values crashed on Saturday after the news that Elon Musk Twitter deal has come apart and Twitter has threatened legal action on the maverick head of Tesla. Elon Musk’s Twitter buyout prospects have crashed and along with it Dogecoin hopes of coming in the big league and mainstream adoption.
When reports last came in DOGE was changing hands at $0.069 and was down by 0.66% in the last 24 hours. DOGE prices tumbled 4% after the news of the failed Twitter deal. Elon Musk had called off the Twitter deal via a letter sent by his lawyer to Twitter. The Tesla CEO also touted as the wealthiest man in the world this year offered to buy Twitter for about $43 billion.
Musk in a letter to Twitter indicted the social media giant of not disclosing fully details of accounts. Elon Musk has consistently insisted that there are spam and fake accounts on the platform.
Poor Dogecoin Fails To Integrate On Twitter
The biggest meme coin and Elon Musk favorite had been riding high on the news of Elon Musk takeover of Twitter. Its values have surged substantially on the initial announcement of the deal, after Musk teased a impending integration of Dogecoin into Twitter.
Musk had been a vocal proponent of the memecoin even before the deal, and is largely tied to the token’s rise in popularity. The love of Elon Musk for the canine based meme coin is not hidden from anyone. Musk’s Boring Company had recently announced that it will be accepting Dogecoin for some of its products. However this had a limited impact on the values of Dogecoin.
The memecoin had surged by a whopping 27% when Twitter’s board accepted Musk’s deal. But it has since sharply lost much of these gains.
DOGE is currently trading down about 59% for the year.