Dogecoin jumps as Elon Musk reportedly nears Twitter purchase, raising hopes for the meme coin's use as a payment method on the platform

Tesla CEO Elon Musk at the company's Cyber Rodeo event in Austin, Texas.

SUZANNE CORDEIRO / AFP

• Dogecoin jumped as much as 9% Monday following reports Elon Musk is close to acquiring Twitter.
• Musk's tweets have been a significant influence on dogecoin's price movements in recent years. 
• Some speculate that a Musk-led Twitter could integrate dogecoin payment options. 

Dogecoin jumped as much as 9% on Monday following reports that Elon Musk is close to reaching a deal to acquire Twitter. 

Musk has been a big booster of the meme-based cryptocurrency, often pushing its price higher with just a tweet, and some speculate that his Twitter takeover will include plans to integrate dogecoin to the platform in some way. 

Musk had earlier teased at a dogecoin-Twitter integration in a tweet he posted that suggested paying for Twitter Blue, the platform's subscription service, using the crypto. Musk also tweeted that he was working with dogecoin's team to improve system efficiency.  

When the Tesla CEO announced in January that the electric vehicle maker would accept some merchandise payments in dogecoin, the token spiked about 10%. 

Meanwhile, according to multiple reports, Twitter reps and Musk met Sunday to discuss the takeover deal, and an agreement could be reached as soon as Monday, the Wall Street Journal said.

Dogecoin hovered around $0.14 early Monday. 

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Contributer : Business Insider https://ift.tt/bU7qxCM

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