Elon Musk, a fan of the popular meme coin Dogecoin (DOGE), has been quiet for a while. With the tweets he shared on time, he made the altcoin project quite pump. Now, “Will Elon Musk make DOGE the local currency after he takes over Twitter?” question is on the agenda.
The “Elon Musk effect” continues for altcoin
Tesla CEO Elon Musk’s Twitter takeover talks are on the agenda again. Therefore, speculation has been swirling that Musk’s beloved dog Dogecoin (DOGE) will become Twitter’s official local currency. Is there really any truth to these rumors?
cryptocoin.comIn the latest development, Elon Musk has offered to buy Twitter at $54.20 per share. In this context, Musk’s close relationship with the altcoin project leads to new speculation. Some DOGE Army members on Twitter are wondering if DOGE will become the official Twitter local currency.
With a current market cap of $8.54 billion, Dogecoin is the largest meme coin in the crypto market. Tesla CEO Elon Musk has mentioned DOGE in his tweets several times in the past. Musk’s mention of the altcoin project prompted an instant DOGE pump in most cases. That’s why DOGE fans turned their eyes to Musk’s tweets. Now, with the news that there are some developments in Musk’s takeover of Twitter, DOGE has recorded a serious increase.
According to CoinMarketCap data, the DOGE price has risen by 7.6% in the last 24 hours. DOGE is trading at $0.06443 at press time. Meanwhile, the meme coin has approached its monthly high of $0.067 at $0.06575 on the day. And that says a lot about Elon Musk’s influence on DOGE.
Elon Musk’s Twitter buying adventure
According to a Bloomberg report, Elon Musk is inclined to buy Twitter at the original bid price. The report states that the billionaire made the offer in a letter to Twitter. In addition, this news led to a spike in Twitter share price of 12.67% during the day. Naturally, the DOGE community was excited by this news. A Twitter user named tunez.eth asked if DOGE would become the official local currency of the platform:
If Elon Musk buys Twitter, will DOGE become Twitter’s official currency?
Time will tell if DOGE will indeed become Twitter’s currency. As you may recall, Tesla CEO started an ugly legal battle over Twitter’s objection to bot accounts. The revised proposal comes after that. At one point, Musk claimed that Twitter was not transparent due to bot accounts. That’s why it withdrew its offer to buy Twitter. Meanwhile, earlier in the day, Ripple CEO Brad Garlinghouse brought up the bot topic on Twitter. He said there are many verified scam accounts running on Twitter.
Elon Musk said in May of this year that he temporarily halted the Twitter takeover deal due to verification of spam and fake accounts. The $44 billion deal was put on hold pending details on the calculation that spam or fake accounts represent less than 5% of users. Musk emphasized that spambots should be removed from the social media platform.
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