Social media giant Twitter Inc (NYSE:TWTR) is set purportedly set to accept the $43 billion acquisition offer from the world's richest man, Tesla Inc. (NASDAQ:TSLA) CEO Elon Musk. This event apparently resulted in both Dogecoin (CRYPTO: DOGE) and an obscure memecoin rallying.
What Happened: Twitter will accept what Musk described as his "best and final" offer to acquire the company according to people familiar with the matter, Reuters reported on Monday. Per the report, Twitter may announce a $54.20-per-share deal later on the same day after the board meeting to recommend the transaction to shareholders, but the deal could also collapse at the last minute.
See Also: How To Get Free Crypto
Dogecoin — the world's first memecoin Musk famously endorsed on multiple occasions — saw a surge in trading volume right after The Wall Street Journal published a similar report, with its 24-hour volume skyrocketing 166% from $740 million to $1.97 billion while its price jumped 13% higher from $0.1247 up to $0.1412.
An obscure memecoin aptly named Elon Buys Twitter (CRYPTO: EBT) saw its price spike much more significantly — from about $0.00000001811 to a high of $0.000001972 for an earth-shattering gain of nearly 10,800%.
Elon Buys Twitter is hardly an advisable investment considering that its market cap of under $80,000, and current and significantly higher than average 24-hour trading volume of about $615,000 means that its price can move significantly with very little capital, making it exceptionally volatile.
So volatile that today's high is not even near its all-time high of $0.00023 reported in April 2021, meaning that those who bought at this price are still down more than 99%.
