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Cryptocurrency Soars 10,000% After Elon Musk Buys Twitter

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After days of rumors, billionaire Elon Musk has finally become the new owner of Twitter. The social network’s board of shareholders accepted the Tesla CEO’s $44 billion offer, becoming the company’s new owner.

With this, Twitter will go private and shareholders will receive a value per share 38% greater than the company’s market value. But the one who really profited was the one who bought the most recent cryptocurrency-meme released on the topic.

Entitled Elon BuysTwitter (EBT), the cryptocurrency was launched shortly after the purchase was announced. In just a few hours, its price skyrocketed by more than 10,000%.

Cryptocurrency-meme skyrockets 1000% after purchase

Of course, cryptocurrency-meme does not have any serious purpose, but rather the intention to deceive users. In fact, the EBT developers even made a mocking description of NFTs and play-to-earn games.

“Our ecosystem will also launch a series of melon-based lazy games and provide play-to-win opportunities. Elon Buys Twitter’s long-term goal is to establish itself as an industry leader in the emerging DeFi sector.”

The cryptocurrency faced strong volatility, up 1,000% shortly after launch. Its appreciation reached 10,500% on Monday (25), leading EBT to its highest value.

However, the price followed the path of almost all meme cryptocurrencies: it lost strength in a short time. Thus, the high had already fallen by 98,95 %.

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All content in this article is for informational purposes only and in no way serves as investment advice. Investing in cryptocurrencies, commodities and stocks is very risky and can lead to capital losses.

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