Elon Musk is the new CEO of Twitter and this development has sparked the crypto craze. Musk is the richest man in the world and his investment strategy is admirable. For some time he has been known as the godfather of DOGE. The collapse of the ad-supported social media boom caused significant market ripples.
The billionaire plans to turn the fifteenth largest social media network, known as X, into an “everything app.” Meanwhile, crypto investors and enthusiasts have something to look forward to. Elon Musk’s post may have clarified the cryptocurrency used to pay for the platform, which has been a source of confusion for crypto investors.
Twitter is now under the DOGE
A new class of Shiba Inu-inspired tokens was created on BNB Chain and Ethereum on Tuesday. Both blockchains are populated with names like “babyDogeTwitter,” “spaceTwitterDoge,” and “elonDogeTwit.”
However, not everything that glitters is gold. PeckShield, a blockchain security firm, said in a tweet that over 67 of these tokens were down 90% within hours of their launch, while 45 tokens were down 100%. This resulted in a cumulative loss of thousands of dollars for investors who bet on the newly created tokens in anticipation of long-term price increases.
In addition, Musk’s contribution triggered a surge in Dogecoin, which jumped more than 15 cents and is up more than 24% in the last 24 hours. Floki Inu, another Shiba Inu token, rose by a comparable amount, while Shiba Inu’s SHIB token was up 8%.
Musk has been a significant supporter of DOGE, which has become a proxy for his reputation. As previously reported, the entrepreneur’s view of the coin has a long-term impact on its price as well.
Chief Tweet is a defender of internet freedom, but he may have his hands full. Even though Musk has ambitious ideas for Twitter, regulation can be a significant obstacle to achieving his goals. EU Commissioner Thierry Breton told Musk: “In Europe, the bird will fly by our rules.” Breton scorned Musk’s promise of free speech.
What is a blue tick on Twitter?
Elon Musk didn’t buy Twitter just because he had $44 billion. As expected, financial magnets should be complemented by corporate strategy. All of these initiatives are just starting to be implemented. Here it is: Twitter Inc.’s Blue Service, which includes the coveted “Verified” badge, will soon be $8 per month.
The social media platform implemented the Blue Tick authentication method in 2009 in response to celebrity concerns about identity theft. The program ran into trouble when the organization revoked the verified status of controversial users such as right-winger Milo Yiannopoulos. Then it was discontinued for several years before being resumed.
Musk argues that his efforts to commercialize the service will reduce the social media network’s dependence on advertising. Musk explained that Blue Tick subscribers will be prioritized in terms of replies, mentions, and searches. Plus, customers can upload longer videos and audio while only seeing half the ads. He also offers a paywall bypass from “publishers willing to work with us.”
In response to rumors that the platform could soon charge verified users $20 per month for blue ticks, bestselling author Stephen King tweeted, “If this gets implemented, I’ll go like Enron.”
Here’s the payment scenario: First, regarding payments, he notes that “it makes sense to integrate payments with Twitter so it’s easy to transfer money back and forth” and that the plan could include “cash as well as cryptocurrencies.” . The organization is even rumored to be implementing a crypto wallet feature, which allows deposits and withdrawals.
DOGE’s future on Twitter
Elon Musk’s highly anticipated move has sparked much speculation and confusion on social media platforms. Various fans have contributed their stories. Twitter’s cryptocurrency payment solution may not be a secret anymore. On September 15, Musk tweeted his support for the cryptocurrency Doge. Musk was reminded of this tweet by a Twitter user named @StonksReddit.
Of all the possible Twitter apps for Dogecoin, this one is the most structured. Elon Musk has started accepting online Dogecoin payments for Tesla products. Tesla charging station in Santa Monica accepts Dogecoin.
Shayarim conducted an in-depth study of Doge’s future performance. According to analysts, Dogecoin has proven to be a very worthwhile investment in the near future. Long-term investments should be based on the underlying fundamentals of the coin, not speculative bets or market sentiment.
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