Musk’s Twitter Deal Could Be Very Bullish For Doge (And Bearish For Tesla)

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Last Updated on 27 April 2022 by CryptoTips.eu

Jeroen Kok

Jeroen is one of the lead copywriters on Cryptotips.eu and discusses all recent events in the crypto market. This includes news updates, but also price analyzes and more. He developed his passion for cryptocurrency during the bull run in 2017. He has learned a lot since then. The combination of cryptocurrency and creative writing is perfect for Jeroen and an excellent way to share his knowledge with a wide audience. Find me on LinkedIn / [email protected]
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Billionaires buying media platforms, whether they are social or classic, it’s the thing of the 21st century apparently. Jeff Bezos, former CEO of Amazon, bought the Washington Post, Rupert Murdoch, CEO of Fox News, acquired the Wall Street Journal and now there is Elon Musk, CEO of Tesla, buying Twitter. With it, Dogecoin was trending. That is because Musk has been a so-called ‘Dogecoin-pumper’ ever since the memecoin came into existence.

Tesla already accepts the memecoin as a payment option for some of its merchandise and Doge fans believe the same will soon be true for Twitter.

Furthermore, many social media enthusiasts know of Musk’s fondness for the coin and were quick to point out that the $1 price tag was back on the table as far as they were concerned. Musk just last month also stated that he would normally never sell his Bitcoin, Ethereum or Doge.

Advertentie.

$1 Doge

Crypto enthusiast Limbo, who has some 100,000 followers, claimed the following logic: Elon acquires Twitter —> $DOGE becomes the currency of Twitter —> $1 $DOGE no longer a meme!

Marcus Sotiriou, analyst at GlobalBlock, agreed, stating that the Twitter news:

Has led to speculators buying dogecoin due to Elon’s obsession with the cryptocurrency, and hence the potential for dogecoin to be given more utility on one of the biggest social media networks if Elon is successful.”

It is clearly going to be an interesting few weeks for Dogecoin. Can the ultimate meme crypto make it back into the CoinMarketCap Top 10 any time soon? Much Wow.

$125 miljard loss in 1 day

At the same time, analysts are warning that Musk will be pre-occupied by his latest hobby in the coming weeks and months and will therefore care about Tesla less.

Shares of the electric vehicle maker lost another 12% yesterday and thus shed $125 billion of Tesla’s value in just 1 session. With that, Musk lost almost as much money in a day that what it cost him to purchase Twitter.