Dogecoin (DOGE) surges from a one-month low on Monday as reports surfaced that Twitter could accept Elon Musk’s offer as early as Monday.
The largest memecoin by market capital soared 10% from an intraday low in a matter of minutes, as multiple reports indicated the social media business was on the verge of accepting Musk’s $43 billion offer.
DOGE tends to react positively to any news about Tesla CEO Elon Musk, who recently announced he had holdings in the token. However, given that the world’s richest man has expressed interest in adding DOGE to the platform, Musk’s acquisition of Twitter might be particularly beneficial for the coin.
DOGE on Twitter?
Musk had toyed with the notion of introducing a monthly subscription service for Twitter after acquiring a 9.2% stake in the company earlier this month. Musk proposed an option to pay for the service in DOGE.
Musk also proposed a feature that would allow tipping Twitter users in DOGE. The social media site currently allows users can to tip in Ethereum.
DOGE is a favorite of Tesla CEO Elon Musk, who has promoted the token in various Tesla roadshows and events. Musk’s interest in the memecoin, as seen by his tweets, also helped it become the 11th largest cryptocurrency by market capital.
Musk has huge plans for Twitter
Musk has posited great plans for Twitter beyond just introducing DOGE support. The Tesla CEO plans to take the company private and turn it into a global platform for free speech.
Twitter has extraordinary potential. I will unlock it.
Musk in his offer for Twitter
In its current form, Musk feels the social media platform will be unable to thrive or serve as a platform for free speech.
He recently proposed the idea of an edit option for tweets. Musk also aims to severely crack down on bots and scam accounts on the site, which has been a major complaint leveled against the platform.