Elon Musk's Twitter takeover sparks Memecoin rally
The Twitter deal is ideal. This is because the new CEO Elon Musk has already announced changes regarding cryptocurrencies like Dogecoin, causing memecoin prices to surge.
The Twitter deal is ideal. This is because the new CEO Elon Musk had already signaled a few changes related to cryptocurrencies like Dogecoin, and memecoin prices are rising.
"Let that sink in." Only the richest man in the world can stroll into the headquarters of the world's largest tweet platform and crack a clever pun while holding a porcelain sink. In short: Elon Musk has arrived at Twitter.
What the co-beneficiaries of the billionaire deal are: Memecoins like Dogecoin, Shiba Inu or Floki Inu. While Bitcoin trades off a brief relief rally and drifts lower again, dogcoin enthusiasts are enjoying chunky gains.
Dogecoin is on the move again
Up 15 percent in 24 hours. Not really remarkable in a volatile crypto market. That said, given the current environment the exception proves the rule. Dogecoin even surged nearly 30 percent over the last seven days and is trading at about $0.080.
The memecoin Shiba Inu, once vaulted into the top 10 by the tweet from the "Dogefather" Musk, also rode the Twitter hype. With a 10 percent gain, it doesn’t rise as fast as its idol, but it’s still outperforming most other cryptocurrencies.
Begging for attention
There’s a reason these cryptocurrencies landed on this ranking: Tesla CEO, PayPal founder, space pioneer, and now Twitter owner Elon Musk. With numerous posts about Dogecoin, which was developed as a parody of Bitcoin, he manipulated its price in 2021 — perhaps consciously. That sent the value up to as high as $0.77.
When the 51-year-old bought a Shiba Inu last year, the associated crypto exploded as well. The pup got View post on X. Immediately, this coin surged as well. It’s not surprising that crypto projects are influenced by the actions of their founders. These memecoins, however, are almost tied to the hundred-billionaire’s decisions.
The dependency goes so far that projects like FLOKI literally beg for attention. Dozens of community members gathered under Musk’s tweet, and the project View post on X also seeks a lot of attention.
Twitter's crypto plan
Although it wasn’t clear yet whether the billionaire deal would go through, Musk had already met with Twitter staff beforehand. The topic: crypto. In the meeting, he stressed that "it would make sense to introduce a payments feature on Twitter." The Tesla boss also criticized the spammy and bot replies and mused about some form of tweet compensation. Payable in Dogecoin.
Meanwhile, his ambitions to turn Twitter into the "platform of free expression" are likely to start with the publication of the algorithm. Open-sourcing the Twitter code makes sense. It’s also not surprising that the crypto industry sympathizes with the idea. Bitcoin and crypto protocols follow a similar approach. Rumors also swirl about a wallet feature. An official announcement, however, is still pending.
To what extent Musk will actually implement his ambitions remains to be seen. It’s likely that the memecoin community, including Dogecoin, Shiba Inu, or Floki, will keep reacting or even hope for similar announcements in the future.
