Dogecoin Takes Center Stage In Elon Musk’s X IPO Rumors

The crypto community is buzzing with excitement as rumors spread about a possible collaboration between the CEO of Pershing Square Capital Management and Elon Musk’s X. Ackman’s desire to potentially work with X has grabbed the attention of investors, raising questions about the possible impact on the cryptocurrency market, specifically on digital coins like Dogecoin. 

Ackman Signals Willingness To Strike Deal With Musk’s X

According to reports from The Wall Street Journal, Bill Ackman, an American Billionaire hedge fund manager and founder and CEO of Pershing Square, has stated his interest in striking a deal with Elon Musk’s recently rebranded X social media platform. 

When asked by The WSJ if he would be interested in enacting a deal with X, Ackman responded by saying “Absolutely.” The American billionaire has been an avid user of X platform, amassing almost 800,000 followers and broadcasting his views on various global topics and issues. 

The Pershing Square CEO also recently disclosed the regulatory approval of its unique investment vehicle, SPARC by the United States Securities and Exchange Commission (SEC), allowing the financial vehicle to target and invest in privately held firms and move them into a public domain. 

Ackman announced in an X post, urging private companies looking to go public to consider Pershing Square as an investor. 

“If your large private growth company wants to go public without the risks and expenses of a typical IPO, with Pershing Square as your anchor shareholder, please call me. We promise a quick yes or no,” Ackman stated. 

Although Ackman has revealed his willingness to potentially collaborate with X, Musk has not released any acknowledgment or confirmation of Ackman’s statement. Investors, however, are curious about the potential influence the alleged collaboration would have on Dogecoin cryptocurrency. 

DOGE price struggles to hold $0.06 | Source: DOGEUSD on Tradingview.com

What Does This Mean For Dogecoin?

The speculation about X’s dealing with Ackman’s investment vehicle has led to whispers about potential market changes and possibilities for Dogecoin. 

Since Dogecoin is known to be highly favored by Musk, who is believed to be one of the largest investors of the cryptocurrency, industry investors see the possibility of cooperation between Ackman and X driving Dogecoin’s market price toward a $0.75 mark. 

There have also been previous speculations that Musk would implement DOGE payments as he deploys X bots in his new X payment plans.

Crypto enthusiasts and industry investors have seen Musk’s heavy influence on the price of Dogecoin over the years and are looking forward to the changes the cryptocurrency would have if rumors of Ackman’s alignment with X come to fruition. 

Currently, the price of Dogecoin is trading at $0.062 with a 24-hour trading volume of over $238 million. The cryptocurrency is presently facing a bullish uphill climb to the $0.07 mark, however, market metrics have revealed challenges in Dogecoin’s upsurge.

Featured image from Decrypt, chart from Tradingview.com