Dogecoin (DOGE) surged by 9% yesterday after Twitter board confirmed they are close to accepting Elon Musk bid to purchase the entirety of Twitter at $54.20 a share.

According to CoinDesk, Dogecoin's analysts believe price and Musk’s imminent takeover of Twitter are not directly correlated.

“The speculation is that advertisers could be able to pay DOGE for ads and for other uses on Twitter,” Kryptomon Chief Marketing Officer Tomer Nuni explained to CoinDesk earlier this month. “We have seen the same happening when Tesla revealed the ability to pay for its goods with DOGE. So the speculation could be around Musk’s businesses and stakeholdings starting to accept crypto, as Tesla does.”

Working with Doge devs to improve system transaction efficiency. Potentially promising.

— Elon Musk (@elonmusk) May 13, 2021

Tesla already accepts DOGE payments on its online merchandise store. Musk also stated that he was working with dogecoin developers to improve system efficiency.