Elon Musk Sets Up Dogecoin as Official Currency with Twitter Buy
Elon Musk's dream of owning a top OG social media platform is finally a reality as he reached a $44 billion buyout agreement with Twitter's board.
In the wake of Musk’s takeover, Dogecoin soared by over 31%. What could this mean for the meme coin? Will it be Twitter’s official currency, or is the news too good to be true?
Dogecoin is a meme coin that started as a joke on Reddit in December 2013 but has been widely received as an interesting investment scheme by many crypto enthusiasts. Currently, it boasts over $21 billion in market capitalization with over 132.67 billion units in circulating supply—insane statistics for a meme coin!
The Tesla boss, Elon Musk, has been a Dogecoin evangelist, which earned him the nickname “The DogeFather.” His tweets on the meme coin have caused market stirs in the past, beginning from December 2020 until now.
In December 2021, Elon Musk expressed his desire to include Dogecoin as a payment method for Tesla products—this, at the time, caused the coin to surge by over 20%.
Before these events, Twitter had been on Musk's radar. A tweet he made about buying Twitter in 2017 went viral after he finally purchased the company 5 years later.
Although not yet official, Elon Musk will likely suggest including Dogecoin as part of Twitter Blue’s payment method, just as he had done with his beloved company, Tesla.
Twitter launched the paid subscription service called “Twitter Blue” in June 2021. The service allows subscribers to customize and personalize their experiences better than the hoi polloi Tweeps. Among many features, Twitter Blue subscribers will be able to undo Tweets, view threads in “Reader Mode” just like Medium, support NFT holders by allowing them to display their crypto arts as profile photos, and most importantly, the inclusion of the coveted “edit” button which Elon Musk recently suggested in a poll on Twitter after buying the biggest stake in the company.
The Twitter Blue service is already open to select regions, including the US, Australia, Canada, and New Zealand. According to a report by Twitter, subscribers will pay between $2.99and $4.49 a month depending on location.
Twitter keeps advancing its algorithm to serve users better. A recent introduction is the Twitter Pro and Twitter Media Studio, which allows users to create professional Twitter accounts that they can monetize through ads placings and content creation. Although now defunct, you could initially receive direct payments from your content. The payment methods then included BTC and ETH among normal fiat currencies.
However, Twitter only tested the “direct payment” feature at that time. If the platform decides to reintroduce this feature, with Elon Musk at the top, Dogecoin will likely be among the payment methods.
Elon Musk’s Twitter buyout has given the media a tough puzzle to crack. Speculations are flying around, and no one knows—for sure—what Musk is trying to do, despite his tweets confirming his primary reason for buying the platform–free speech. Does anyone have a Truth account yet?
With Dogecoin garnering insane values, investors are betting on its inclusion as Twitter’s official currency. Whatever the outcome, we may say that the future looks bright for the meme coin with Elon Musk as its lead evangelist.
