Dogecoin price could skyrocket if Elon Musk buys Twitter

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Recently we reported that Elon Musk has offered to buy complete ownership of Twitter for a huge price tag of $43 billion. This has led to a spike in the price, although small, of the meme coin Dogecoin, a cryptocurrency that Elon Musk is tied to, with the Tesla owner being able to manipulate the price and demand by doing as little as posting a tweet.

Should Elon Musk be successful in purchasing Twitter, it could lead to a huge soar in value for the meme coin and could see it act as a “proxy for Twitter stock”.

2021 saw Dogecoin rise from obscurity and almost worthlessness, with it sitting at under one cent per coin, to hitting an all-time high of 64 cents, making a few millionaires along the way.

However, that buzz has now died off, and the coin is sitting at 15 cents at the time of writing this, an 80% drop since its peak, although it is worth noting that many cryptocurrencies are experiencing a drop in value right now, however most not to the extent that Dogecoin has seen.

Dogecoin to USD April 15 2022
Credit: CoinMarketCap

Speaking at the TED2022 conference in Vancouver, Elon Musk admitted that he is “not sure” if his bid to purchase Twitter will be successful, but did note he has a “plan B” up his sleeve if it isn’t, but he didn’t go into any further details.

Musk did note that if he is able to make Twitter a private company he would prioritize tackling crypto scams and bots saying,

“A top priority I would have is eliminating the spam and scam bots and the bot armies that are on Twitter.”

“They make the product much worse. If I had a dogecoin for every crypto scam I saw, we’d have 100 billion dogecoin.”

Other influential and key figures also chimed in regarding the future of Twitter and cryptocurrency, with Sam Bankman-Fried, the chief executive of the crypto exchange FTX, claiming that Twitter could integrate cryptocurrency into the platform, with tweets going onto the blockchain as well as allowing for new monetization options.

Meanwhile, in an exchange with Robinhood trading app chief executive Vlad Tenev, Elon Musk and the creator of Dogecoin Shibetoshi Nakamoto discussed the block time and how to make it shorter, as well as decreasing fees to make it the “currency of Earth”, with it “hands down” beating bitcoin as the top crypto. Recently, Elon Musk had mentioned giving users an option to pay for Twitter Blue using Dogecoin.

The chief executive of Parler, a rival to Twitter, also sparked the thought that the future of social media will be a combination of the social factor and cryptocurrency saying,

“Elon’s interest in the space brings new attention to crypto involvement with social media—his love for crypto and dogecoin is well known—and this starts to validate Parler’s thesis that the future of social media is a combination of social and crypto.”

READ MORE: Is crypto gaming the future of video games?

When it comes to Elon Musk no one knows what he has planned, but with his global influence on many markets, specifically cryptocurrency, it will be interesting to see where this heads regardless of whether he is able to purchase Twitter.

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