For Elon Musk, this Halloween was extra special because he had just completed the $44 billion acquisition deal to buy Twitter. Musk posted photos from his Halloween celebrations on Twitter, including one of a pumpkin with the Twitter logo cut out and another of his Shiba Inu dog, Floki Frunkpuppy, wearing a white T-shirt with the Twitter logo on the back.
Users have long theorized that Twitter and Dogecoin will eventually be connected. Dogecoin appreciated by about 26% as a result of Musk’s comments. According to a source in Business Today, the meme token started the day trading at $ 0.12, immediately before Musk’s tweet; by 11:55 a.m., it had gained 25.90% and reached a top price of $0.147.
— Elon Musk (@elonmusk) November 1, 2022
A lot of people are talking about the billionaire’s tweet, and there’s a lot of interpretation going on in the comments. “Awesome shot, Elon. One user has expressed their desire to have Dogecoin integrated into Twitter as a payment option for Twitter Blue.
“Dogecoin and Twitter were made for one other,” commented another user. Musk also posted a photo of himself, his mother Maye, and The Wall Group founder and CEO Brooke Wall in their Halloween costumes in a second tweet.
According to a story in HT, Musk’s Halloween costume is posted on the website of a New York City shop called Abracadabra as “Devil’s Champion – Leather Armor Set.” As part of the buyout, the CEO of Tesla also became Twitter’s only director, and he has since been named CEO of the platform.
According to reports, Musk plans to implement a number of changes to Twitter, such as increasing the character limit, instituting new moderation procedures, charging $20 per year to keep one’s blue tick, and more.
What Elon Musk Has to Say About Dogecoin and Twitter?
Following news of Elon Musk’s successful takeover of Twitter, the price of Dogecoin increased by 41% in one week. The price of Dogecoin has surged faster than the price of any other top 50 cryptocurrencies by market cap.
Given Elon Musk’s history of backing Dogecoin, the Twitter news is clearly a positive indicator for DOGE. But what does Elon Musk have to say about using Dogecoin on Twitter?
Suggestion to Use Dogecoin to Tackle Twitter Bots
In May of this year, Mark Cuban, owner of the Dallas Mavericks and a Dogecoin holder, tweeted with Musk about combating bots. Cuban urged that users of Twitter pay up to 1 DOGE as collateral for posting.
If someone contests a post and a human confirms it is spam, individuals who flagged it will receive and split the spammer’s DOGE. If the contestants are incorrect, they will lose their DOGE collateral.
Billy Markus, the co-founder of Dogecoin, replied, saying, “I like it a lot.” Musk has been vociferous about the need to defend Twitter from bots, but he has not remarked on the use of Dogecoin to that aim.
Musk v Twitter Trial Reveals Twitter Blockchain Suggestion
Texts discussing a blockchain version of Twitter were revealed in a document leaked in the run-up to the Musk v. Twitter trial before Musk chose to re-open the agreement. Musk texted The Boring Company’s president, Steve Davis, to say
“My Plan B is a blockchain-based version of Twitter, with ‘tweets’ embedded in comment transactions.” So you’d have to pay something like 0.1 DOGE for each remark or repost.” Musk later stated that the model was not “viable.”
Using Dogecoin to Pay For Twitter Blue
Musk proposed pricing Twitter Blue at $2 per month for an annual subscription in April of this year. He stated that anyone joining up will receive an authentication checkmark and would be able to use Twitter without advertisements.
“Would it be possible to pay in Doge?” Musk stated this in one of his Tweets.
This is the most formal of all the ways Dogecoin may be useful on Twitter. Elon Musk has already begun accepting Dogecoin payments for Tesla products online. Dogecoin is also accepted at a Tesla supercharger in Santa Monica.
Would Dogecoin Payments on Twitter Drive the Dogecoin Price Long-Term?
What about the long-term if the Twitter takeover is bullish in the short run? Musk also stated last year in a podcast that he likes Dogecoin because it is ‘inflationary.’ He said that the cryptocurrency’s price would be more steady than others due to the addition of 5 billion DOGE to the supply each year as miners’ rewards.
This is in contrast to competing for crypto social media use cases, such as EverGrow. EverGrow is a hyperinflationary token that compensates stablecoin holders through a transaction tax based on trade volume.
However, EverGrow has created an ecosystem that includes an NFT marketplace and a content subscription platform where 100% of revenue is utilized to buy and burn EverGrow tokens. In the future, money could be utilized only to reward EverGrow holders. More information about EverGrow can be found here.
EverGrow contends that allowing Dogecoin payments on Twitter will not necessarily increase demand for Dogecoin. You might not even want to pay in DOGE if you’re waiting for a price increase.
Dogecoin Cryptocurrency Surges on Elon Musk’s Twitter Deal
Following Elon Musk’s announcement last week that he had closed a $44 billion agreement to acquire Twitter, the value of Dogecoin jumped by more than 70% on Saturday.
Dogecoin and Bitcoin prices have been significantly affected by Tesla Inc.’s CEO, a prominent proponent of cryptocurrencies. Since the beginning of this year, Tesla has accepted Dogecoin as payment for its wares, and Musk’s recently released perfume line is also available for purchase with Dogecoin.
Binance, a cryptocurrency exchange that has invested $500 million in Musk’s takeover of Twitter, has said that it is considering ways in which blockchain technology and cryptocurrencies might benefit the social media platform.
Under previous CEO and Bitcoin supporter Jack Dorsey, Twitter began looking into ways to implement blockchain technology.
Musk announced his intent to acquire Twitter this month in a series of tweets. The concept of an all-in-one mobile application (app) was pioneered in Asia by firms like WeChat, which enable users to do anything from make payments to place online orders and even order a cab with a single tap.
Thanks to Musk’s tweets, the digital currency Dogecoin went from being a social media joke to a speculator’s fantasy.
Many people are pleading with Musk to restore the accounts of banned users and world leaders after he vowed to restore free speech on Twitter. A content moderation council “with vastly varied opinions” will be formed, he tweeted on Friday, and until then, no major content decisions or account reinstatements will be made.
On Saturday, the billionaire announced in a tweet that Twitter users would be able to rate their tweets and then pick which version of the social media network they prefer in the future. Similar to how a movie’s PG-13 or R rating is used to determine who may see the film, he suggested that users should be able to choose which version of Twitter they like.
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- 1 What Elon Musk Has to Say About Dogecoin and Twitter?
- 2 Suggestion to Use Dogecoin to Tackle Twitter Bots
- 3 Musk v Twitter Trial Reveals Twitter Blockchain Suggestion
- 4 Using Dogecoin to Pay For Twitter Blue
- 5 Would Dogecoin Payments on Twitter Drive the Dogecoin Price Long-Term?
- 6 Dogecoin Cryptocurrency Surges on Elon Musk’s Twitter Deal