Dogecoin Price Soars after Elon Musk suggests Twitter to accept it as payment
Twitter might accept Dogecoin as a form of payment
Price of the popular memecoin, Dogecoin (DOGE) has jumped since Thursday after the Tesla and SpaceX CEO, Elon Musk tweeted that Twitter should accept DOGE as a payment form. As of today (15th April 2022), Dogecoin trading volume was up 147% in the last 24 hours and market cap 3.76% higher compared to the last day. Currently the price of DOGE is up by 3.84% and it is trading at $0.1462. (Source: CoinMarketCap)
Dogecoin is a memecoin originally created as a joke to make fun of the wild speculation in crypto assets. Despite the satirical nature, this crypto asset developed an image as a legitimate investment prospect. Currently it is 11th largest crypto asset in terms of market capitalisation.
Elon Musk’s love for the memecoin is famous from his tweets, promising to ‘Put Dogecoin to the Moon’. At that time also, DOGE surged and increased in market cap.
Elon Musk, Twitter and Dogecoin Saga
Last week, the news emerged that Musk has acquired 9.2% stake in Twitter. He was offered a position on the board of directors however, as a board member he could only buy up to 14.9% of stake in Twitter. Later, it was confirmed on April 8 that both Musk and the board of directors agreed that he would not join the board.
After all the hubbub, Musk wrote that he suggested a change, that is Twitter should accept Dogecoin crypto asset as a form of payment. Right after the news of his buy-in, he made this recommendation in a series of tweets on the popular platform.
He made another practical recommendation, that the company should not depend on advertising revenue only. Currently, Twitter depends on ads for almost 90% of its revenue. And in his opinion this is not a good solution.
Another suggestion was to include edit button on the platform. he is currently taking votes from followers regarding the edit button feature. Musk is also against advertisements as revenue source for Twitter. According to him, big powerhouses can dictate policy if revenue is dependent on ads only.
Twitter may have to accept Digital Asset
Elon Musk is currently the largest shareholder of the company and after declining the position as a board of member, he has chance to acquire up to 19% of the stake. Twitter declined to comment on Musk’s suggestions, however speculations are ripe that these changes would soon be implemented.
Twitter already lets people tip the content creators through Bitcoin. They are also planning to support the authentication of NFTs.
