Elon Musk has yet again turned the cryptocurrency market upside down.
The Tesla CEO became known over the years for his cryptocurrency endeavors, especially surrounding Dogecoin – the meme coin which Musk loves promoting.
Recently, the world’s richest man was instrumental in the role of pushing the overall cryptocurrency market capitalization back over $1 trillion.
This week marked the final chapter of the long discord between Musk and the Twitter board of directors – regarding the billionaire’s intent of buying the social media platform.
On Thursday, Musk finally became the owner of Twitter, Inc – after his $44 billion offer for the company was accepted by its directors.
Now the owner of one of the world’s largest social media platforms – Musk’s intentions regarding what to do with his new company are heating up the conversation in the cryptocurrency community.
Twitter Going Crypto
The bird-inspired social media has been working on adding cryptocurrency features to its platform.
In September 2021, the company began accepting Bitcoin tips. Meanwhile, in November of that same year – Twitter implemented web3 dApps in its platform. Later in January, it began accepting NFTs as profile pictures from its users.
Just 2 days before the acquisition, reports claimed that the social media is already working on a new web3-based crypto wallet for its platform.
And now, with Elon Musk as its owner – Twitter will start implementing even more cryptocurrency features in its platform in the near future.
The Twitter Effect on Doge
After initial reports at the start of this week claimed that the negotiations regarding the multi-billion purchase were close to done – several cryptocurrencies began gaining traction.
In the span of three days, Musk’s beloved Dogecoin saw a significant increase in value. On October 24th – DOGE was worth around $0.059. A couple of days later amidst the turmoil and hearsay about the Twitter purchase, Dogecoin jumped up in value, reaching $0.083 — a 33.8% increase.
Dogecoin’s investors have good reason to be optimistic. Musk is a recurring advocate of providing real use cases for the meme coin. The multi-billionaire has already offered several of his company’s products like the Tesla “Cyberwhisthle” and the “Burnt Hair” perfume line.
Given that Musk has already talked about his plans of integrating Dogecoin on Twitter’s platform – the chances of exciting news for the meme cryptocurrency are gigantic.