The Dogecoin community has been strongly behind billionaire Elon Musk’s decision to buy social media platform Twitter since it was first announced. Musk, who appeared to be locked in a cat-and-mouse game with the social media giant for the past two months, had finally relented and agreed to buy Twitter for the previously agreed price of $54.20 per share. Here’s why the Dogecoin community is firmly behind this decision.
Dogecoin payments on Twitter
One thing Elon Musk has been known for over the past year and a half has been his love for the meme currency Dogecoin. He had consistently boosted the digital asset, revealing that it was his favorite cryptocurrency, leading to a massive increase in the price of the digital asset in 2021.
During this time, Musk has also proposed ways in which the meme currency can be made even more valuable, and some of them have been to make it a form of payment for the digital asset. The billionaire has previously implemented DOGE payments for Tesla merchandise.
DOGE trending at $0.06 | Source: DOGEUSD on TradingView.com
Musk had also previously stated that he planned to make Doge a payment method on Twitter. This move would increase the reach of Dogecoin and in turn increase the price. This is why the Dogecoin community fully supports Elon’s takeover of Twitter.
Will the DOGE price move?
There is no doubt that Musk’s deal with Twitter has greatly affected the price of Dogecoin. The billionaire, who is a supporter of crypto, would effectively be in charge of one of the biggest platforms for crypto discussions, which is known to influence investor habits.
Even with the announcement that Musk finally agreed to buy the social media platform at the previous price, the price of DOGE had seen a significant increase in its movement. On the day in question, DOGE was up 10% as soon as the news broke.
Dogecoin price is expected to respond positively when the final deal is confirmed. However, Musk has yet to make any further public statements about implementing DOGE payments in the app, but a leaked text message conversation between Elon and his brother Kimbal shows mention of “social media doge.”
If Musk ends up buying Twitter and implementing his subscription fee idea, which can be paid with DOGE, the meme currency is sure to see a massive spike once the news gets out.
Featured image from Forbes, chart from TradingView.com
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