Elon Musk Now Owns Twitter: What Does This Mean For Crypto Twitter And Dogecoin?

[This article was updated on 26 April 2022]

On Monday (25 April), Elon Musk officially bought over Twitter in a US$44 billion-odd deal. The deal will see Musk, who runs Tesla and private space contractor SpaceX, take the reins at Twitter.

This comes after Musk purchased a 9.2% stake in Twitter three weeks ago, making him the largest shareholder in the company at that point in time.

On April 11, Twitter CEO Parag Agrawal announced that Musk had decided against joining Twitter’s board of directors.

https://twitter.com/paraga/status/1513354622466867201

Possible changes to Twitter

Ever since becoming the largest shareholder of Twitter, Elon has not shied away from the consideration of implementing new functions on Twitter.

In a recent press release, Musk said that he "[wants] to make Twitter better than ever by enhancing the product with new features, making the algorithms open source to increase trust, defeating the spam bots, and authenticating all humans".

In a series of tweets published before the acquisition, Musk suggested that there should be no ads and that the subscription price be cut. It should also be tailored to the cost of living in respective countries.

Bot eradication

Those who spend a lot of time on Crypto Twitter would notice that there are plenty of bots trying to promote scams.

In a TED Talk earlier this month, Musk mentioned that his more visible impact with respect to Crypto Twitter would be related to removing bots.

“Frankly, a top priority I would have is eliminating the spam and scam bots and the bot armies that are on Twitter,” Musk said. “They make the product much worse. If I had a dogecoin for every crypto scam I saw, I would have a hundred billion dogecoin."

However, it is unclear how he will proceed with this plan.

Paying with DOGE?

Dogecoin is a famous memecoin or as some claim "a shitcoin".

The creators envisaged it as a fun, light-hearted cryptocurrency that would have greater appeal beyond the core Bitcoin audience, since it was based on a dog meme.

There have been several tweets by Tesla CEO Elon Musk claiming that DOGE is his favorite coin.

He is known as a huge fan of the cryptocurrency, and previously followed it up by suggesting DOGE as a possible payment method for Twitter Blue.

Image Credit: Elon Musk Twitter

After Musk's acquisition of Twitter, the price of Dogecoin soared 24% in the past 24 hours.

Image Credit: CoinGecko

Fans of Dogecoin are extremely happy to hear Elon being supportive again and see this move as a bullish narrative for the memecoin. The Tesla CEO is sometimes known in the community as the Dogefather.

Closing thoughts

It is no surprise if DOGE is accepted as one of the payment methods on the platform in future.

Tesla is already accepting the meme cryptocurrency for their merchandise and it is not the first time Twitter is implementing crypto as a form of payment on their platform.

In September last year, the company announced that users from the US and El Salvador will be able to tip fellow tweeters using BTC.

Could this be bullish and will DOGE ever see a new all time high? What started out to be just a meme-coin seems to be gaining traction in the real life use case department.

However, this does not warrant a strong enough reason for me to buy DOGE still. If you choose to invest in DOGE, it should be purely for fun and entertainment. Do not have high hopes of its price surging in enormous value.

[Editor’s Note: This article does not represent financial advice. Please do your own research before investing.]

Featured Image Credit: Bitcoin News

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