The original meme cryptocurrency has seen its value spike by 13% just a couple of minutes after news broke out confirming the proposed takeover of Twitter by the Tesla CEO.
As a result, the price of Dogecoin is up by 4% after a brief flash, whereas its value dropped by 8% before the announcement. From all indications, it is expected that the most ardent supporter of the meme coin, Elon Musk, will become the next owner of Twitter by Monday next week.
Analysts believe that such a surge in price is not surprising considering how supportive the billionaire has been toward the progress of the leading meme coin and the robust Doge community, who belief in the influence Musk has on the future of Dogecoin.
Musk Suggestions to Improve Dogecoin
It was recently reported that the co-founder of Dogecoin, Billy Markus, and the Tesla boss have been discussing the way forward for the DOGE token and what should be done to make it more competitive and acceptable in the mainstream financial sector.
The duo has a shared commitment to making DOGE better than other crypto assets, and it is not surprising to see them chatting out the possible ways to make their vision a reality.
According to Musk, if the Dogecoin is to become more utility-inclined, then there should be a massive adoption of the token by businesses as a means of payment, which should be considered a good move for the progress of the canine coin.
Additionally, Musk emphasizes the low transaction fees and quick processing time on the Dogecoin network, pointing out that it has no equal with other tokens in terms of costs and transaction time.
DOGE for Tipping on Twitter
As part of his ongoing case to make Twitter more competitive and, at the same time, push the meme token a step ahead of others, Musk has suggested that the DOGE tipping feature be integrated into the popular social media platform.
Although Markus did not suggest using Dogecoin on Twitter, Musk has been considering this after buying a substantial stake in the social media giant.
Parts of his proposed changes to Twitter are geared toward making the popular social networking platform private, where speech is not subjected to censorship by the platform team.
Accordingly, the billionaire intended to make Twitter a platform for promoting free speech as he believes that the management team has been censoring posts made by individuals on the platform.
Musk also proposes adding a verification system to authenticate users to fight spam and spambots and introduce a monthly subscription fee to the platform.
Despite all of Musk’s plans for Twitter, he was displaced as the largest shareholder in the company by Vanguard Group, which bought the remaining shares after Musk’sMusk’s initial offer was limited to just 9.2%.
If the reports making the rounds are anything to go by, the billionaire will become the new owner of the popular social networking platform.