Elon Musk is into buying Twitter again while also announcing a mysterious “app X”: why is this good news for Dogecoin?

Dogecoin (DOGE) topped the list of the top 30 cryptocurrencies in the growth rate in yesterday’s session. DOGE added about 10% after Bloomberg published about the reopening of the deal to buy Twitter by Elon Musk. Twitter shares rose 20% on this news. Here’s everything we know about it so far.

Twitter right now

Twitter plays an important role in cryptocurrency promotion. Initially, this was facilitated by the support of Bitcoin by the network’s founder Jack Dorsey, who created Twitter and subsequently left for his own crypto project.

Now, on the platform, in addition to the rapid publication of news, by analyzing hashtags, it is possible to predict the trends of digital currencies and the level of popularity of coins. Twitter supports BTC donations and the placement of NFTs on avatars.

The deal to buy Twitter was stopped in the summer due to Elon Musk’s dispute about a large number of bots on the platform.

The buyout offer is back in play

And here’s the latest news from Bloomberg — Elon Musk is ready to buy Twitter again for $44 billion. Elon Musk’s lawyers sent Twitter a letter with an offer to close the deal on the previous terms — for $44 billion, or at $54.20 per share. The letter was published on the U.S. Securities and Exchange Commission website.

Twitter confirmed to Bloomberg that it had received the letter and plans to pursue the deal at the agreed-upon price. On the back of this news, the company’s stock jumped 20% to $52 apiece at the close of the trading session.

But what will happen to this service next?

Leaks about future plans

Reporter Kate Conger of the New York Times leaked archived correspondence where Dorsey instructs Musk to make Twitter a decentralized protocol funded by some foundation with no direct influence over Twitter. “We need to create something like Signal,” Dorsey adds. 

Dorsey himself left the company because he saw the future social network as an open-source platform without a company in control. The correspondence also shows that Dorsey trusted Musk. According to the archives, Sam at FTX “was potentially interested” in buying Twitter with Musk. 

Musk himself suggested in that correspondence that a system be created where Twitter messages are embedded in a DOGE transaction. The potential social network would charge 0.1 DOGE for tweets, retweets and comments.

And just yesterday, Elon Musk wrote that buying Twitter is to speed up the process of creating some kind of “universal app X.” No one knows what app X is as yet, but in light of the earlier correspondence, we can assume that some important decisions about Twitter’s future have already been made. If these leaks are true, Twitter is somehow going to integrate cryptocurrencies more tightly.