DOGEcoin As Twitter Native Currency Post Elon Musk Takeover?

After Elon Musk Twitter takeover talks resurface, there is a speculation about Dogecoin (DOGE) potentially becoming Twitter’s official native currency. In a latest development, Musk has reportedly proposed to buy Twitter for the original offer price of $54.20 a share. In this context, Elon Musk’s close association with the DOGE project is resulting in a new speculation. A section of the DOGE Army on Twitter is wondering whether Dogecoin would potentially be Twitter official native currency.

The Elon Musk Impact

Dogecoin is the largest memecoin in the crypto market with a current market cap of $8.58 billion. Elon Musk had in the past mentioned DOGE in his tweets on several occasions. Any mention of Dogecoin by the Tesla founder led to immediate DOGE price jump on most occasions. With reports of Elon Musk fresh proposal for Twitter takeover, the memecoin saw a huge spike in its price.

In the last one hour, DOGE price rose by as much as 6.65%. As of writing, DOGE price stands at $0.06558, up 8.51% in the last 24 hours, according to price tracking platform CoinMarketCap. That the current price level is close to the memecoin’s monthly high of $0.067 speaks it all about the Elon Musk impact.

Original Offer Stands

According to a Bloomberg report, Musk is inclined to buy Twitter for the original offer price of $54.20 per share. The billionaire made the proposal in a letter to Twitter, the report said. This led to a spike in Twitter share price, which is up 12.67% on the day. This news also got the DOGE community excited. A Twitter enthusiast by name tunez.eth asked whether DOGE could become the official native currency of the platform.

“If Elon Musk buys Twitter, does $DOGE become the currency of Twitter?”

It remains to be seen if DOGE does indeed go on to become Twitter official native currency. The revised proposal comes at the back of an ugly legal battle over Musk’s objection to Twitter’s bot accounts. At one point, the Tesla CEO withdrew his offer to purchase Twitter over the latter’s lack of transparency on the bot accounts. Earlier in the day, Brad Garlinghouse, the CEO of Ripple raised the issue of bots on Twitter. He said there were many verified scam accounts running on Twitter.

In May this year, Elon Musk said he was temporarily halting the Twitter takeover deal subject to verification of spam and fake accounts. The $44 billion deal was put on hold pending details on calculation that spam or fake accounts represent less than 5% of users. He had emphasized on the need for removing spam bots from the social media platform.

Anvesh reports major developments around crypto adoption and trading opportunities. Having been associated with the industry since 2016, he is now a strong advocate of decentralized technologies. Anvesh is currently based in India. Follow Anvesh on Twitter at @AnveshReddyBTC and reach him out at [email protected]

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