Dogecoin & The Crypto Market Rally Around Elon’s Twitter Acquisition

Dogecoin has increased over 100% in the last week amid the hype surrounding Elon Musk’s Twitter take-over. Elon has long supported Dogecoin, but not for the reasons you may think. He had this to say regarding his Dogecoin support back in 2021.

“The point is that Dogecoin was invented as a joke, essentially to make fun of cryptocurrency. Fate loves irony. What would be the most ironic outcome? The currency that started as a joke in fact becomes the real currency. To the moon!” 

As Elon purchased Twitter and the deal closed, investors grew excited at the thought of dogecoin being implemented into the social media platform. With much speculation around where Elon will take the company, many believe payments will be a large factor due to his past work at PayPal and his love for crypto. If this ends up happening, there is no doubt in the communities mind that Dogecoin would be one of the first utilized. After all, Elon has called it “the peoples crypto”.

Elon does hold Bitcoin and Ethereum, as well as Doge. The richest man in the world made waves when he invested a portion of Tesla’s cash reserves into Bitcoin, later selling it due to environmental impact. Although he holds it personally, he claimed he felt it was wrong of an electric car maker to focus on green energy to support something that did not follow those same values. Since the comment, he has worked closely with the mining and developer communities to watch the “green transition”. He has said he plans to buy more when at least 50% of the hash power (mining power) comes from green energy. 

Elon has singlehandedly driven the price of several cryptocurrencies and has even had a run-in with legal regulators for alleged market manipulation. Comedic social media antics aside, the billionaire has big plans for one of the world’s largest social media platforms as he takes the company private. 

Now the owner of Twitter, Tesla, SpaceX, Neuralink and Boring Company, Musk has the chance to make a massive impact on the world. The man was already working to make humans and inter-planetary species with SpaceX, revolutionizing the vehicle and solar industries with Tesla, digging tunnels to relieve traffic and air pollution via Boring and even developing tiny microchips for peoples brain in an attempt to solve paralysis and generally advance the human species. 

He has commented that he believes free speech is a vital aspect of our world, his reasoning for making the social media acquisition for over 40 billion dollars. 

This article was written by Patrick Hagerty on the Exploring Digital Assets  on 25.10.2022 and has been published here with permission.

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