Musk’s Twitter Plan Could Be Fabulous For Dogecoin

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Last Updated on 6 October 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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We’re still not 100% sure about the takeover of Twitter by Tesla CEO Elon Musk. Leading corporate media (the Wall Street Journal and the Financial Times) are still not convinced that Musk does intend to buy Twitter and could simply save himself an ignominious lawsuit with this latest announcement.

The deal will, of course, only be completed if Musk hands over $48 billion to Twitter’s board of directors, which has not happened as of yet.

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Spam and bots

Whatever the case, the text dump from Musk’s phone earlier this month revealed that he proposed a plan to let Twitter users pay with Dogecoin, just about the most well-known memecoin, for posting and messaging on the social media site. This is because he absolutely needs to find a way to make Twitter profitable.

Musk said:

“I have an idea for a blockchain social media system that does both payments and short text messages/links like twitter. You have to pay a tiny amount to register your message on the chain, which will cut out the vast majority of spam and bots. There is no throat to choke, so free speech is guaranteed.

Afterwards Musk continued and introduced memecoin Doge into his Twitter plan.

My Plan B is a blockchain-based version of twitter, where the ‘tweets’ are embedded in the transaction of comments. So you’d have to pay maybe 0.1 Doge per comment or repost of that comment.

Which means that the cost of a Twitter message would depend on the price of Doge. And if you also know that Musk can influence the price of Doge a lot, then you realize that something like that could indeed work.