For the past few weeks, the tech space has been buzzing about the latest news - the by billionaire Elon Musk. The Tesla founder has been one of the most popular people on Twitter for years, and he finally made the move to purchase the social media platform outrightly. acquisition of Twitter In the wave of Musk’s Twitter acquisition, there have been questions about what this could mean for the platform going forward. In the crypto space, Dogecoin (DOGE) enthusiasts have also been asking what the acquisition could mean for their favorite asset. Elon Musk’s Takeover Spikes Dogecoin As many expected, the price of DOGE immediately shot up after Elon musk’s purchase of Twitter was confirmed. In the days since the billionaire made his Twitter purchase, the dog-themed meme coin immediately saw a spike in its price. Dogecoin’s price jumped as high as $0.1428, marking a 12 percent rise in its price in 24 hours. The jump is understandable. Dogecoin has always thrived off developments coming from its biggest supporters, and there is no supporter quite as big as Musk right now. The billionaire has tweeted his support for DOGE several times, and he was one of the biggest influences behind the coin’s astronomical rise in 2021 that saw its price jump as high as $0.74. With the news that Musk would buy Twitter being confirmed, it was evident that . Opportunistic investors saw that as a way of making money, and several of them immediately ran to the asset to make purchases. DOGE’s price would soar However, things have since died down, and the price of DOGE has returned to the $0.12 region it was before Musk’s Twitter deal was confirmed. Regardless, investors are still wondering what this deal could mean for Twitter and DOGE in particular. It is worth noting that are still quite positive.  Investors and analysts remain confident that the asset’s value will rise over time, especially when the market flips bullish. Dogecoin price predictions Musk’s Unwavering Crypto Belief It goes to say that Musk remains optimistic about cryptocurrencies being the payment channel of the future. The billionaire has shown support for crypto on multiple occasions, and from Bitcoin Treasuries shows that Tesla still holds $1.68 billion in Bitcoin. data Ever since he made his Twitter acquisition, Musk has been talking a big game about his vision for the company and the platform itself. The billionaire isn’t done laying his vision out, but there have been speculations about what it could mean for crypto. One aspect where Musk is looking to change Twitter is in terms of monetization. The billionaire believes that there are ways for Twitter to monetize tweets, and he that the platform could open a payment option that supports Dogecoin. recently suggested Such a move wouldn’t necessarily be surprising. Musk himself has been vocal about his belief that Dogecoin could be an even more superior payment option than Bitcoin. Earlier this year, Tesla Dogecoin as a payment method for merchandise at its official online store. At the same time, Musk that the company could begin accepting the meme coin as a payment method for charging vehicles at supercharging stations across the country. began accepting has said If Musk believes that Dogecoin is a top-tier payment channel, then he could decide to use Twitter as the perfect testing ground for the asset. Depending on how he decided to monetize tweets and open Twitter up for more profitability, we could see the social media platform herald a new age of payments using the dog-themed meme coin. For now, the question will be whether or not people will want to pay for Twitter. The social media channel has been able to rise among the ranks of other social platforms primarily because it is free - anyone can open a Twitter account and begin using the platform without having to pay a cent. Will people be willing to change that? Fixing Dogecoin Is Still A Priority Despite the buzz that Musk’s Twitter acquisition has caused, it is worth noting that nothing is set in stone yet. For one, Musk is now expected to be feeling the pressure of running the social media platform that he has spent the better part of the past year criticizing. If he’s unable to show that Twitter can indeed be better while still maintaining its profitability, then his gambles would most likely have been for nothing. $44 billion Right now, there’s little to show that the billionaire is prioritizing Dogecoin in his plans. At the same time, there’s also a lot of work to be done with DOGE itself. Most prominent is the coin’s tokenomics. Dogecoin is still not a deflationary token, meaning that it might not necessarily work like Bitcoin when it comes to operating as an investment that can help holders to hedge against inflation. So, even if it does get adopted as a payment method by Twitter and a bunch of other companies, there’s still a lot to be desired when it comes to functionality. Recently, we saw a of the Dogecoin Foundation that seeks to address some of these issues and get them some more clarity. The reconstitution had a simple goal - to move Dogecoin from being a “meme coin” to becoming an asset with greater functionality and usefulness. reconstitution As explained at the time, the Dogecoin Foundation’s new focus is to protect the Dogecoin brand and community while maintaining the functionality of the asset’s blockchain. There have already been talks about building a staking system for Dogecoin as well as bringing more uses to the asset. All of these are sure to improve its appeal to investors and bolster its price going forward.

Dogecoin

BUNCH

Tesla

Twitter

2022 - HackerNoon Contributor of the Year - Automation

2022 - HackerNoon Contributor of the Year - Company Culture

2022 - HackerNoon Contributor of the Year - Dao

2022 - HackerNoon Contributor of the Year - Elon Musk

2022 - HackerNoon Contributor of the Year - Founder Interview

Nominated for 2022 - HackerNoon Contributor of the Year - Founder Interview

Nominated for 2022 - HackerNoon Contributor of the Year - Automation

Nominated for 2022 - HackerNoon Contributor of the Year - Dao

Nominated for 2022 - HackerNoon Contributor of the Year - Elon Musk

Nominated for 2022 - HackerNoon Contributor of the Year - Company Culture

Too Long; Didn't Read

Discover Saakuru: Web3 Mass-Adoption with 0-FEES

What Elon Musk's Twitter Purchase Means For DOGE

What Elon Musk's Twitter Purchase Means For DOGE

Too Long; Didn't Read

Companies Mentioned

Coin Mentioned

Ricky Rathore

About Author

TOPICS

Languages

THIS ARTICLE WAS FEATURED IN...

What Elon Musk's Twitter Purchase Means For DOGE

Too Long; Didn't Read

Companies Mentioned

Coin Mentioned

Ricky Rathore

About Author

TOPICS

Languages

THIS ARTICLE WAS FEATURED IN...

RELATED STORIES