Elon Musk purchased a 9.2% stake in Twitter for $2.9 billion, making him the platform’s greatest shareholder.
Just lately, the Tesla CEO had slammed Twitter on the grounds of it “failing to stick to free speech ideas.” As a response to the issue, Musk teased the potential of beginning his personal social media platform and even shopping for Twitter. Nevertheless, few imagined he would comply with by means of with both of those concepts.
Nonetheless, analysts anticipate this acquisition of a stake in Twitter to be the beginning. What’s extra, with Musk being a fan of Dogecoin, ought to we anticipate a collaboration between the 2?
How would possibly Dogecoin slot in?
Crypto markets are primarily flat as we speak. Nevertheless, among the many massive caps, Dogecoin posted the second-biggest positive aspects within the final 24-hours, at +5%. NEAR Protocol leads the pack with +5.7% positive aspects.
“That’s why I made a decision to assist Doge — it felt just like the individuals’s crypto.”
Given Dogecoin’s response to the information, it’s clear that markets anticipate Musk to make the most of $DOGE on Twitter in some capability. However will that ever occur?
Earlier than the acquisition stake, as Musk was canvassing opinions on the right way to deal with Twitter censorship, one user posted a tongue-in-cheek remark saying Dogecoin, for positive, might be used as a tipping mechanism. To which Musk replied, “100.”
“Top-of-the-line issues about Elon Musk both shopping for Twitter or beginning his personal platform is you recognize there could be a Dogecoin tip jar!“
The preliminary use case of $DOGE was as an web tipping foreign money. However as identified by this eight-year-old Reddit post, there are three limitations to stopping this from occurring. One, tipping in significant increments, two, making Dogecoin simpler to ship and obtain, and three, having a social media platform on board.
“create widgets/apps that permit content material creators on blogs/tumblr/twitter/and many others to be tipped for his or her work on the click on of a button.”
What’s subsequent for Musk and Twitter?
Talking to CNBC Squawk Box, Dan Ives, Analyst at Wedbush Securities, speculates that Musk could “take a extra aggressive stance on Twitter,” which may ultimately lead to an entire takeover of the corporate.
Commenting on the scenario, crypto influencer Layah Heilpern factors out it displays poorly on the Western world that Musk is single-handedly attempting to “save freedom of speech.”
Technically we’re counting on @elonmusk to avoid wasting Freedom of Speech… Fairly unimaginable what western society has come to.
— Layah Heilpern (@LayahHeilpern) April 4, 2022
As a sign that he intends to shake issues up at Twitter, Musk posted a humorous tweet asking whether or not customers need an edit button.
However Dogecoin holders need extra info on Musk’s plans for the meme coin going ahead.