Most of the world is focused on what Elon Musk’s victory in his bid to buy Twitter means for free speech and how it will affect one of the biggest and most important social media sites in the world. world.
Crypto fans of the world’s richest man, on the other hand, are focusing on what it means to him for Musk’s favorite cryptocurrency, dogecoin, which is back in the top 10 after climbing by 30% on Monday (April 25) after news of the Twitter board deal hit.
And in the payments industry, it’s time to start thinking about dogecoin’s potential as real money. Particularly in light of Twitter’s recent partnership with payment processor Stripe, which announced last week that Twitter was using its service to enable payments to businesses and freelancers via the stablecoin USD Coin, with “support for ‘other currencies and rails’ coming soon, CEO John Collison tweeted on April 22.
Read more: Stripe rolls out crypto payments capabilities and signs Twitter as first user
The fact is that the three are not unrelated.
Elon’s Bully Music Stand
There are few places where the power of Musk’s influence on Twitter has been clearer than with his influence on the memecoin known by his photo of a shiba inu dog saying “wow.” We’ve written in the past about his ability to move the crypto markets — bitcoin jumped 20% in January 2021 when he added “#bitcoin” to his Twitter profile — but when it comes to dogecoin, the power of Musk’s patronage becomes really clear.
After starting to tweet about it last year, DOGE – which by design had no use – literally went from a cryptocurrency that spent seven years to less than a hundredth of a penny. to a top 10 cryptocurrency worth up to $0.168 today, giving it a market capitalization of $20.7 billion to date.
If you want an indication of Musk’s success in using Twitter as a communication platform before he even bought Twitter stock, note his 66 million follower count in December 2021 when his tweet had the ability to ” moon” dogecoin.
See also: Elon Musk Moons Dogecoin, showing the power of his 66 million Twitter fans
DOGE’s price jumped 20% a month later after Musk, wearing his Tesla CEO hat, announced that the electric car company would accept dogecoin for accessories — not cars.
This influence is also not something new or limited to crypto. In June 2018, Wired published an article titled “Elon Musk and the Disturbing Influence of Twitter Power Users” which examined the ability of the platforms’ “power users” to influence issues. At the time, according to the article, Musk had 21 million Twitter followers.
It also displaced other companies, as CNBC noted at the time of bitcoin’s 20% surge. He cited video game maker Cyberpunk 2077 (up 12%), Etsy (9%), as well as the bizarre case of small manufacturing company Signal Advance, which saw its stock – briefly – jump by more than 1 100% in January 2021 after a tweet from Musk praising the totally independent messaging app Signal.
Musk now has 85 million Twitter followers.
And on the payment side? Dogecoin’s newly reactivated foundation board includes both the creator of Ethereum and a representative from Musk. The DOGE token is seeing its code rewritten to make it usable as a smart contract platform and, above all, is on its way to becoming a true payment currency.
Also Read: Memecoin Ascendent: Can Elon Musk’s Twitter Board Siege End Dogecoin’s Joke Status?
It’s supported by cryptocurrency payments processor BitPay, which saw its first DOGE client — the Dallas Mavericks — a year ago. Now other customers, including the AMC movie theater chain, are accepting it, and the CEO of crypto and stock exchange Robinhood has said it has the potential to become “the future currency of the internet”.
Check it out: Barking Mad? Robinhood CEO sees Dogecoin as the ‘future internet currency’
Musk has previously suggested dogecoin join bitcoin as a currency for tipping content creators, launching a Twitter poll shortly after acquiring 9.2% of the company earlier this month.
Once he finishes adding an editing feature and relaxes his policies of censoring post-2020 election accounts, it’s a safe bet that dogecoin will capture his attention again.
That’s probably what inspired a lot of people to push DOGE up 30% yesterday.