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Doge and Shib soar ahead of Elon Musk's Twitter purchase

doge ANKARA, TURKIYE - OCTOBER 06: In this photo illustration, Elon Musk's twitter profile is displayed on a mobile phone and the image of him is seen on a computer screen on back of it in Ankara, Turkiye on October 06, 2022. Muhammed Selim Korkutata / Anadolu Agency
In April, Elon Musk suggested that dogecoin could be used to make payments on Twitter. Photo: Muhammed Selim Korkutata/Anadolu Agency (Anadolu Agency via Getty Images)

Dogecoin (DOGE-USD) and shiba inu (SHIB-USD) soared ahead of the news that Elon Musk may finalise his purchase of Twitter (TWTR) on Friday, which is the deadline for the completion of the $44bn (£37.9bn) acquisition of the company.

As speculation grows that dogecoin could be used in a new integrated crypto payment system on Twitter, the memecoin and it's younger sibling, shiba inu, pumped.

Check: Crypto live prices

In April, Musk suggested that dogecoin could be used to make payments on Twitter.

Referring to subscription payments on the platform he stated there could "maybe be an option to pay in doge".

Dogecoin hiked almost 34% in the last seven days to sit around $0.07, up 19% in the last 24 hours.

Shiba inu also rallied 15.6% in the past week, up 8.6% in 24 hours to $0.00001136.

The Tesla (TSLA) CEO marched into Twitter's San Francisco headquarters on Wednesday holding a sink and stating: "Let that sink in."

A video of the act lit up the Twitter-sphere with speculation as to whether there was a deeper metaphorical meaning to the sink, beyond the obvious pun.

Musk plans a new revenue model for Twitter, with the possible introduction of dogecoin payments, price cuts, and authentication checkmarks for its Blue subscription service.

In April, Musk tweeted that anyone who signs up for Twitter Blue should pay less than the current $2.99 a month. He also said they should get an authentication checkmark.

He said: "Price should probably be ~$2/month, but paid 12 months up front and the account doesn't get checkmark for 60 days (watch for credit card chargebacks) and suspended with no refund if used for scam/spam."

Read more: Could Rishi Sunak make the UK a global crypto hub?

He also said there should not be any ads on the platform as "the power of corporations to dictate policy is greatly enhanced if Twitter depends on advertising money to survive".

The crypto market has been mostly buoyant for the past two days, with forerunners bitcoin (BTC-USD) and ethereum (ETH-USD) shrugging their usual correlation with traditional stocks such as the S&P 500 (^GSPC) and Nasdaq (^IXIC).

On Thursday the combined cryptocurrency market cap jumped 2.7% to $1.05tn, according to coingecko data.

Bitcoin rose 0.6% to $20,724 on Thursday.

Ethereum jumped over 21.2% in the past week to $1,556, rising over 2.6% in the past 24 hours.

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