Musk’s Halloween Tweet Leads to DOGE, SHIB Uptrend
Elon Muskthe new head of Twitter, has once again made a crypto-realted headline that has sent prices soaring.
Musk tweeted a photo of a Shiba Inu dog wearing a Twitter logo shirt and a Twitter logo pumpkin on Halloween, accompanied by a wink emoji as a caption.
As expected, the prices of Musk’s favorite crypto Dogecoin (DOGE) and Shiba Inu shot up.
DOGE shot up 14% within minutes of his tweet. However, the crypto shrank down to 12% at press time.
While Shiba Inu also showed a big uptrend, but not as much as DOGE, it rose by around 5% to create a local high of $0.00001032. However, Shiba Inu’s uptrend also fell after the hype died down, and at press time the pump was down to 4%. It was traded for $0.00001287.
Besides the tweet, the two cryptocurrencies were already hot as Musk had already hinted that DOGE would soon be integrated with the Twitter platform.
Musk’s latest tweet comes after he completed his $44 billion acquisition of Twitter.
Musk has been a vocal supporter of DOGE for many years now. He also believes that DOGE is better than bitcoin to make daily crypto payments.
Musk’s crypto-related tweets have always been market movers.
DOGE also shot up earlier in May when Musk tweeted that in the near future his aerospace company SpaceX would introduce payments with DOGE.
Bloomberg media on Saturday hinted at several ways Musk, who is one of the most significant crypto influencers globally, could bring more cryptocurrency into Twitter.
According to Bloomberg, if Musk decided to play a bigger crypto role at Twitter, there are a few ways he could do it.
Bots and spam on Twitter have been a major concern for Musk and helped spark a contentious legal battle that put his acquisition of the firm in jeopardy. The problem is particularly important in cryptocurrency, where spam accounts impersonate well-known personalities such as Musk to promote scams involving fake crypto handouts.
According to Bloomberg, some crypto enthusiasts believe that Musk may advocate the use of blockchain to reduce bots on Twitter and authenticate all real people on social media.
Free speech is a priority for Musk, and he intends to lift the company’s lifetime ban on users. These values align with those of most crypto-believers who are dedicated to the ethos of decentralization promoted by blockchain.
According to Bloomberg, Musk could potentially implement a token-based voting system that would allow users to have more of a say in what happens on Twitter. He could also add more crypto elements to Twitter to expand decentralization aspects and common use of digital assets.
Musk has already expressed ambitions to turn Twitter into a “super app”. In the past, he expressed admiration for China’s WeChat platform, which can handle things like messaging, games, payments and video streaming.
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