Tweets exchanged, markets shifted. Nine days after expressing his disappointment with Twitter’s censorship of free speech, Tesla’s CEO Elon Musk has finally bought a stake in Twitter. As soon as word got out, Dogecoin recorded a 10% spike on Tuesday and continues to increase in price, now topping $0.16 for the first time in two months. At present, 64% of Dogecoin investors are making profits at the memetoken’s current prices, according to analytics site, Intotheblock.
Musk’s effect on Dogecoin
Although it’s still unclear what Musk is planning with his stake, he has most certainly affected the prices of Dogecoin as he did on various occasions.
Over the past few months, Musk has promoted Dogecoin, even allowing Dogecoin’s payment at Tesla’s supercharging stations and its online merchandise store. He even asked the world’s largest restaurant chain, McDonald’s, to accept Dogecoin. In return, Musk promised to eat a Happy Meal on television.
But now that Musk is the largest individual owner of Twitter shares and a board member, the current speculation revolves around integrating Dogecoin payments for ads and other uses on Twitter. On whether he’d consider adding Dogecoin to Twitter’s tipping feature, Musk responded by saying “100%.“
Currently, Twitter has integrated only Bitcoin and Ethereum to tip creators. And if the integration is to happen, Dogecoin will become the third cryptocurrency on the platform enabling creators to receive tips in the meme coin, which could significantly increase the memecoin’s price.
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