Will Dogecoin be Beneficial to Elon Musk's Twitter?

PUBLISHED Apr 10, 2022, 9:24:21 PM        SHARE

imgTobi Opeyemi Amure

Elon Musk has always been an advocate for Dogecoin and one of its main influencers. The world’s richest man just acquired the largest shares of Twitter. It is believed that as Elon Musk becomes the major shareholder, some changes are about to come to Twitter. In this article will be exploring possible options for Dogecoin on Twitter and new heights that Elon Musk might take it to!

Elon Musk and Twitter

Elon Musk sent Twitter shares to the roof after announcing a major stake in the microblogging company last week. The shares rose to $49 meaning it surged by 29%.

Musk, who is currently the world's richest man with a net worth of $287.6 billion according to Forbes. This investment is said to be worth 2.9 billion USD. Elon is known for his controversial takes on several matters on Twitter and most importantly on cryptocurrency. The Tesla Motors CEO’s Tweets have a way of moving the market, so, investors are usually watchful of Elon’s Tweets. Musk in the past had criticized Twitter on its approach to speech rights. With Elon Musk on board, he is sure going to bring some changes to Twitter.

Elon Rolls Out New Criteria for Twitter Verification Tick

In the early hours of the 10th of April, 2022, Elon Musk took to his Twitter to announce that everyone who signs up for the Twitter Blue (Tick) would subscribe to paying $3 per month in order to get an authentication checkmark.

Everyone who signs up for Twitter Blue (ie pays $3/month) should get an authentication checkmark -@elonmusk.

He further went on to say that there would be no ads and that the power of corporations to dictate policy is greatly enhanced if Twitter depended on advertising money to survive.

And no ads. The power of corporations to dictate policy is greatly enhanced if Twitter depends on advertising money to survive.-@elonmusk.

Elon Musk made it clear to the public that this new form of verification would be different from the “public figure” or “official account” checkmark.

But should be different from “public figure” or “official account” checkmark -@elonmusk

The interesting Tweet that caught the eye of the crypto community was when Elon suggested that payment options could be made in Doge.

Maybe even an option to pay in Doge?-@elonmusk.

The above Tweet had a lot of support from crypto proponents like Shibetoshi Nakamoto (creator of Dogecoin) and Matt Wallace.

The Crypto community is calling this the best Tweet made by Elon so far as this will send the price of Dogecoin to the moon because of a possible global adoption of the coin. Holders of the once called "Meme coin" are for sure in for the ride of their lives!

Elon Musk and Dogecoin

It had always been a love-love relationship with Elon Musk and cryptocurrencies. The cryptocurrency world was in awe of Elon Musk's every move this past year, from announcing that Tesla would be accepting DOGE as payment for select merchandise to skyrocketing its value by 11%. It didn’t stop there, the prestigious CEO of Tesla Motors made the announcement that Tesla bought 1.5 billion BTC.

The recent purchase of Twitter shares by Elon Musk had a positive impact on the price of Dogecoin. According to Coingecko, DOGE jumped from about $0.143 to $0.156 on the morning Elon announced his stake in Twitter. Elon has been working on other projects regarding Space exploration and life on Mars and if he succeeds with them, DOGE might be instrumental as a means of exchange with these projects.

Read Also: Hyperbitcoinization: The Dawn of a Brave New World

Final Note

Everyone knows that Dogecoin started off as a Meme token that lived off Elon Musk's Tweets but we are gradually seeing a shift in focus and Dogecoin could gain worldwide acceptance if it becomes a means of payment on Twitter and moreso, if Twitter includes it as a tipping option. The sky's the limit for the Crypto Industry and this is the beginning of a new age!

Sound investments
don't happen alone

Find your crew, build teams, compete in VS MODE, and identify investment trends in our evergrowing investment ecosystem. You aren't on an island anymore, and our community is here to help you make informed decisions in a complex world.

More Reads
TL;DR GameStop recent Earnings Results

Now that the dust has settled, how is our favorite meme stock doing?

The Cryptocurrency You Should Hold Forever

These are the coins you should keep forever and the reasons why they are innovative

Resources for Publishers
Resources for New Investors
Boosted with BossCoin
Financial Literacy Leaders
Tom Hamilton
Wise Intelligent
Mark Robertson
Kevin Matthews II
Akeiva Ellis
Brendan Dale
Kenneth Chavis IV
Sharita Humphrey