“Let that sink in.” Only the richest man in the world can walk into the headquarters of the world’s largest short messaging platform and indulge in a witty play on words while holding a porcelain sink. In short: Elon Musk has arrived on Twitter.
Co-beneficiaries of the controversial billion-dollar deal: memecoins such as Dogecoin, Shiba Inu or Floki Inu. While Bitcoin depreciates again after a brief liberation, dog coin lovers can look forward to hefty profits.
The pack of dogs is running again
15 percent within 24 hours. Actually nothing special about the volatile crypto market. Nevertheless: In the current circumstances, the exception confirms the rule. Dogecoin was even able to increase by almost 30 percent within the last seven days and is now trading at 0.077 US dollars.
The memecoin Shiba Inu, once promoted to the top 10 cryptocurrencies by the tweet by the “DoGFather” Musk, also benefited from the Twitter hype. With a growth of only 10 percent, the Ethereum token is not quite as strong as its role model, but it is still better than most other cryptocurrencies.
Begging for the treat
There is a reason why those cryptocurrencies found a place on this ranking at all: Tesla boss, PayPal founder, space pioneer and, more recently, Twitter owner Elon Musk. With numerous posts on the cryptocurrency Dogecoin, which was developed as a parody of Bitcoin, he manipulated its course in 2021 – whether knowingly or not. As a result, the value climbed to as much as 0.77 US dollars.
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When the 51-year-old got a Shiba Inu dog last year, the associated cryptocurrency exploded. The puppy got the name Floki. Immediately, this token also shot up. That crypto projects are influenced by the actions of their founders is not surprising. These memecoins, however, are in almost direct proportion to the decisions of the hundredfold billionaire.
The dependency even goes so far that projects like FLOKI are downright begging for attention. Numerous members of the community and the project itself cavort under Musk’s tweet want an appropriate attention treat.
Twitter’s crypto plan
Although it was not clear in the meantime whether the billion-dollar deal would even take place, Musk had previously met with Twitter employees. The topic: crypto. In the meeting, he stressed that “it would make sense to introduce a payments feature on Twitter.” The Tesla boss also criticized the numerous spam and bot comments and pondered a kind of tweet fee. Payable in Dogecoins.
Meanwhile, his ambitions to make Twitter the “platform of freedom of expression” may begin with a publication of the algorithm. Make the Twitter code freely accessible – open source. It is hardly surprising that the crypto space sympathizes with this idea. After all, the Bitcoin and Co. protocols follow a similar approach. Meanwhile, rumors are also circulating about a wallet function. An official announcement is still pending.
It remains to be seen to what extent Musk will now implement all his ambitions. It is likely that the community of memecoins such as Dogecoin, Shiba Inu or Floki will continue to react or even hope to corresponding announcements in the future.
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