Dogecoin is up 23% in the past week, regardless of Musk's impending legal battle with Twitter

Dogecoin's price (quotation DOGE) surged across all cryptocurrency exchanges, hitting an intraday high of $ 0,07657, up 11% in the last day and 23% in the last week, CoinMarketCap shows. This positive price action is surprising and reflects the fact that DOGE does not appear to be affected by the major legal maneuvers and uncertainty surrounding the possible $ 44 billion deal initiated earlier this year by Elon Musk to acquire the platform. social media Twitter.

Two weeks ago, the CEO of Tesla / SpaceX said he wanted to withdraw from the deal. Twitter sued to try to keep Musk in the deal, while Musk countered. The public back and forth between the two sides culminated yesterday with a decision by a Delaware judge to set a five-day trial for October to resolve the matter.

Following this news, Twitter's (NYSE: TWTR) share price fell about 2% this morning, to $ 38,85 per share, Yahoo! Under the definitive agreement to become a wholly owned subsidiary of Elon Musk, Twitter's agreed price per share was $ 54,20, a 38% premium over Twitter's share price as of April 1, 2022, according to the original announcement.

DOGE pursues higher value despite controversy over the deal

Since then, deal watchers and cryptocurrency enthusiasts have predicted that Musk's favorite cryptocurrency would play a significant and functional role in the Twitter universe once Musk closes the deal. Previously, the canine-themed meme coin had pumped with every announced milestone as purchase negotiations progressed.

DOGE's price shift was almost exclusively the result of Musk's continued public support for DOGE as a superior form of digital payment over the current top dog cryptocurrency, Bitcoin. The spectrum of applications envisaged for DOGE on Twitter included launching it as a digital payment alternative to Paypal or Venmo; the creation of a DOGE-based portfolio for NFT or other digital assets; or simply as a preferred exchange method for advertisers and Twitter subscribers.

For now we have to wait to see how this legal battle unfolds in the courts and whether or not Musk will be able to pull himself out of the Twitter deal or be forced to accept it with his tail between his legs.