Crypto Daily: Elon Musk to send Dogecoin to the stratosphere

Nov 01, 2022
11:11
2 min reading
Last Updated Apr 07, 2023

Choise.com team

Crypto Daily: Elon Musk to send Dogecoin to the stratosphere

In the same week that Elon Musk took over Twitter and ousted its top executives, the billionaire has now booted the board of directors.

In a securities filing on October 31, Twitter stated that its nine members of the board of directors were no longer in that position.

It was always Elon Musk’s intention to become the sole director of the micro-blogging platform, according to the document.

The board dissolution was disclosed in a broader securities filing, according to the WSJ. It also detailed other formalities as part of the deal closing.

These included debt repayment under a revolving credit agreement. Additionally, there was a share delisting notice that they were converted into a “right to receive the merger consideration of $54.20 a share.”

Binance boss weighs in on Twitter

In an interview on CNBC’s Squawk Box on October 31, Binance CEO Changpeng Zhao (CZ) backed his decision to support the takeover. The company has invested $500 million in the social media platform.

He said that Twitter was a “free speech platform” and one that he uses heavily, adding that: “We want to make sure that crypto has a seat at the table when it comes to free speech.”

He added that he wants to help bring Twitter to Web3 and assist with other issues. These included charging for memberships, which can be facilitated by payments in cryptocurrency, said CZ.

The Binance CEO said that they were in it for the long term. So market fluctuations in company values or crypto prices are not a concern, he added.

Dogecoin doubles

A crypto-centric social media platform will benefit from a leader that believes in the industry, as Elon Musk clearly does. However, the only beneficiary in terms of coins at the moment is Dogecoin (DOGE). Dogecoin has doubled in price over the past week.

Speculators are hoping that Elon Musk integrates DOGE as a payment method for Twitter.

In his recent tweet, Elon Musk shared a pic of the Shiba Inu dog breed wearing a Twitter t-shirt. Thus, this fuels the ongoing speculation that he could soon bring DOGE payments to his newly acquired social media platform.

Dogecoin (DOGE) has been increasing impressively in the past few days. According to data provided by CoinMarketCap, DOGE’s price has increased by around 115% in the past week.

Moreover, the popular memecoin is trading at $0.129 at the time of writing, up by 7% in the last 24 hours, per CMC data.

Billionaire CEO Elon Musk’s favorite crypto asset outperformed the top cryptocurrencies — including Bitcoin (BTC) and Ethereum (ETH) which are up by 6.5% and 19% in the past week.

With this bullish run, DOGE flipped two of the so-called “Ethereum killers,” Solana (SOL) and Cardano (ADA), to become the 8th largest digital currency by market cap.

Dogecoin’s market cap is roughly $17 billion at the time of writing, according to CMC data.

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