Although the global cryptocurrency market opened the week on a bearish note, the market ended the weekend with some decent gains to surpass the overall market cap of over $950 billion. At the moment, the global crypto market cap is located at $955.39 billion.
While the price of bitcoin started its bullish journey, altcoins have also performed quite well.
However, the price of the meme-currency, Dogecoin, saw a pull back with Elon Musk ending his Twitter deal. The deal serves as the mainstay adoption for Dogecoin.
Dogecoin’s price fell by almost 4% as news of the termination of Elon Musk’s Twitter deal broke out. Currently, Dogecoin is changing hands at $0.069. However, it seems that Elon Musk’s announcement has not had much impact on the price of Dogecoin, as the currency is still showing green signals.
Elon Musk had expressed interest in buying social media giant Twitter for about $43 billion. However, the billionaire, through his lawyers, sent a termination letter to Twitter. The letter said Twitter failed to disclose information about spam and fake accounts cited on the platform. The Tesla CEO had put the deal on hold for the same reasons in May before sending the termination letter.
Initially, when Elon Musk created a vision for the deal, there was a hint of Dogecoin being integrated into Twitter. This announcement from Elon Musk pushed Dogecoin to some advantage.
The lawsuit against Elon Musk?
Even before the deal, Elon Musk has been a major support mechanism for the meme currency and is doing his best to increase the currency’s popularity. Nevertheless, recently, Elon Musk’s Tesla announced to accept Dogecoin payments, but his move towards Dogecoin is not having much impact on the currency.
Meanwhile, this Twitter deal has not only affected Dogecoin but also dragged down Friday’s aftermarket trading.
Now, Twitter has resolved to fight legal action against Elon Musk. This move will lead to a legal battle between the two.
Assuming this happens, it will have a serious impact on Dogecoin prices and the overall market.