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There Is A New Dogecoin Follower In Town! Guess Who?

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Dogecoin has got its new admirer in the form of Amazon Legend Jeff Bezos. Of late, Twitter has been abuzz with discussions revolving around the e-commerce giant’s former CEO after he started following DOGE co-founder Billy Markus on the social media platform.

One Twitter user asked Bezos to accept the meme coin on Amazon and tagged Elon Musk saying he will be happy to order a prime membership on live tv!

Others joked that the meme coin is now the “only thing common” between two of the world’s most powerful CEOs.

Besides being the most vocal advocate for DOGE, Musk has a long history of rivalry with Bezos and mainly feuds over their respective space ambitions — the former runs SpaceX, while the latter launched Blue Origin.

Jeff Bezos

Interestingly, the speculation that Jeff Bezos might be the second lead, was first suggested by crypto-analyst YouTube channel “Self Made” in 2021. In it, the financial expert quoted,

The adoption from someone like Bezos can set Dogecoin to $1 in less than 24 hours. Not only would it have the approval of Bezos, but it would be supported by the two richest men in the world. That is something that is only seen once in a lifetime.

Dogecoin gains more utility

Musk’s recent Twitter buyout [which has not been yet completed], sparked speculations that the meme coin will be incorporated in one way or the other.

Andy Jazzy, who has taken the reins from Bezos as Amazon’s CEO, reportedly said in an interview with CNBC that the tech giant could consider selling non-fungible tokens in the future.

“We’re not probably close to adding crypto as a payment mechanism in our retail business, but I do believe over time that you’ll see crypto become bigger,” the CEO added.

In another positive development for the asset adoption, DogeDesigner, a UX/UI specialist and graphic designer at Dogecoin Foundation, tweeted that over 455 Million WordPress Websites can now accept the token using the WooCommerce plugin “Easy Dogecoin Gateway”

The plugin allows WordPress websites to accept Doge payments simply by using the token addresses, without the need for any third-party payment processors, banks, or additional fees. 

Binance extends its expensive arm to Elon Musk

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Musk’s $44 billion Twitter acquisition was aided by a number of companies and individuals. Binance was one of the companies involved. This was revealed via a Schedule 13D form submitted by the firm with the Securities and Exchange Commission [SEC].

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Binance extends its expensive arm to Elon Musk 3

The takeover of Twitter by Elon Musk has been a hot issue in the previous several weeks. Musk has been generating news for a variety of reasons, including conjecture about what he would do with his own version of Twitter and the addition of prospective cryptocurrencies. While Musk has received help from the crypto sector on several occasions, the most recent one is quite costly. Binance, one of the world’s largest cryptocurrency exchanges, is said to be investing $500 million in Twitter.

Elon Musk went on to say that he has raised $7.14 billion in order to purchase Twitter. Apart from the bank financing, Musk needed to raise $21 billion in equity to complete the acquisition.

Apart from Binance, equity backers included Sequoia Capital, which contributed $800 million. The investment firm VyCapital, based in Dubai, is expected to contribute $700 million. Elon Musk received the largest investment from Oracle co-founder Lawrence Ellison, who put in $1 billion. The Lawrence J. Ellison Revocable Trust was funded by him. Musk was also required to file this document with the SEC because all of the entities own more than 5% of Twitter’s stock.

The total amount of equity commitments stated in the filing is approximately $5.2 billion. According to the filing, Saudi Arabian billionaire HRH Prince Alwaleed Bin Talal Bin Abdulaziz Alsaud (Kingdom) has chosen to keep 34,948,975 shares, subject to certain conditions.

Binance’s small contribution to the cause

As the entire community was taken aback by this unusual collaboration, Binance CEO Changpeng Zhao moved to Twitter to express his gratitude. CZ claimed that the exchange platform was contributing a tiny amount to the cause.

There were other rumours flying around. Several of them suggested that Binance Coin [BNB] and Musk’s favourite cryptocurrency, Dogecoin [DOGE], be added to Twitter.

Elon Musk Trolls NFT amidst Otherdeeds’ Buying Frenzy Fizzling Out

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Elon Musk appears to take a potshot at NFT by saying “dunno seems kinda fungible,” in a tweet on 4th May. The tech billionaire changed his Twitter profile picture to an image featuring various avatars from the Bored Ape non-fungible token collection.

Due to this, the token price of the digital project soared briefly. ApeCoin, the token launched by Bored Ape creators Yuga Labs, surged 19% in an hour at around 8 a.m. ET to a daily high of $17.5 following Musk’s profile image change.

The price has since retraced back and at press time trading at about $15.44. It’s not known exactly if Musk actually bought a Bored Ape NFT. Nevertheless, the billionaire liked a tweet from Michael Bouhanna, an executive at auction house Sotheby’s.

Bouhanna reacted to his new profile pic and offered to send him”the original file minted with the buyer’s approval.”

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Elon Musk Trolls NFT amidst Otherdeeds' Buying Frenzy Fizzling Out 5

Looks like Musk might have simply right-clicked and saved the picture to make it his profile image. Or this could mean something else. Who Knows! given that the celebratory “Meme Lord” is well known for his Twitter musings.

The tweet comes at a time when BAYC’S Otherdeeds Nft sparked a buying frenzy last weekend that led to skyrocketing gas fees on Ethereum.

NFTs are losing their sheen?

Yuga Labs, the creator of the popular Bored Apes Yacht Club collections, netted roughly $320 million on Saturday from the launch, making it the biggest sale of its kind. Each buyer paid $5,800 per NFT, plus as much as $6,000 in transaction costs or “gas fees”

Once the initial euphoria subsided, prices dropped like hot potato! prompting backlash from the Twitter community, with some accusing the sale of being botched.

According to DappRadar, trading volume for Otherdeeds shed by 68% on Tuesday from a day earlier, despite it being the most traded NFT collection over a 24-hour window.

The NFT market is known for its extreme volatility and has struggled to maintain momentum in secondary markets, and sometimes, in primary markets as well.

One in three NFT collections, on average, have little to no trading activity, according to blockchain analytics firm Nansen. Another third is trading below the amount it cost issuers to mint the tokens. 

Dogecoin Rallies By 33% After Elon Musk’s Twitter Takeover

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On 25th April, Dogecoin registered a spike of 33% after news broke of Twitter accepting Elon Musk’s $44 billion buyout offer to make the social platform private. Musk has been a major driving force for the meme-based cryptocurrency, often causing a ripple effect in the token’s price with just a single tweet,

The latest development made Doge’s price shoot up to $0.1673 on 25th April, up 26%, to extend its gain after rallying 7% earlier in the day.

Following the groundbreaking takeover, there have been widespread online speculations that a plan to integrate dogecoin into the platform is imminent.

Earlier this month, Musk, in a series of tweets announced buying a 9.2% stake in Twitter and proposed changes to the platform’s subscription service Twitter Blue, saying it could possibly be adding Doge as a payment option for the service.

After rejecting a Twitter board seat, Musk put forward his intention to buy the platform on April 14. Before Musk secured funding, the board was expected to reject his proposal and launched a poison pill defense on April 15, a move that is designed to prevent hostile takeovers. 

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Dogecoin is now the 10th largest cryptocurrency by market cap

The meme cryptocurrency was originally created as a joke in 2013, but it has emerged as the 10th-biggest cryptocurrency by market capitalization, according to CoinMarketCap. Following Musk’s acquisition, Crypto Twitter was rife with memes and parodies.

One of them termed it “A Big win for free speech and for Doge”. Some users went into creative mode by drawing caricatures of the meme coin’s dog mascot superimposed with that of Twitter’s bird logo. Others proclaimed it as “one step closer to the global adoption of Dogecoin as the currency of earth”

Even the co-founder of the social media platform, Jack Dorsey endorsed Elon Musk’s Twitter purchase quoting, “This Is the Right Path and the “closest thing we have to a global consciousness.”

Musk has been a huge proponent of Dogecoin, going so far as to call himself the “Dogefather” in a tweet last April. When he tweeted last December that Tesla would be accepting Dogecoin as payment for branded merchandise, its price increased 33% from about 16 cents to 21 cents, according to CoinGecko.

Twitter Might Be Rethinking Elon Musk’s Offer

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Elon Musk’s buyout attempt for Twitter is allegedly being reconsidered by the social media platform’s board of directors. According to the Wall Street Journal, the purchase may be completed this week.

Musk has offered $43 billion for the acquisition. On April 24, the two parties apparently discussed the acquisition’s specifics, and some progress has been made. According to sources, there are still some obstacles to be overcome, but the deal appears to be moving forward.

Mr. Musk has previously stated that he is considering making a tender offer to direct his offer to shareholders.

Even if he were to win considerable shareholder support in a tender offer that is far from certain, he would still need to get through the company’s poison pill, a legal move that essentially prevents him from increasing his holding to 15% or higher.

The raging interest in acquiring Twitter

There is, however, no assurance that an agreement will be reached between Musk and Twitter. Musk isn’t the only one interested in buying Twitter; other companies have expressed interest in acquiring the social media network in recent weeks.

Musk has stated that if and when the acquisition is completed, the board of directors’ salary will be null.

The agreement has sparked a lot of debate and criticism. Musk has stated that his purpose for purchasing the platform is to encourage free expression, but many fear that it would further polarise an already polarised site.

Some fear that Musk’s acquisition may result in a mass exodus from the corporation. This might have a huge influence as a platform that acts as a rapid voice to the public for politicians and other important persons.

The announcement has obviously had a significant impact on Twitter’s shares. It was pushed to new highs following Musk’s announcement but has subsequently fallen.

Overall, the stock has increased year over year. However, it was at a low point at the start of 2022.

Musk’s acquisition accounted for a large portion of the stock’s gain, which boosted the price to $48 and has remained there since. The stock continues to fall, putting further pressure on the board members to assuage shareholder criticism.

Cardano founder’s offer to Elon Musk: decentralized social media platform

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Cardano founder, Charles Hoskinson offered help to Elon Musk. All hell broke loose on social media when Musk shocked the internet when he offered to acquire Twitter outright. Though some were outraged, Hoskinson encouraged the Tesla CEO by lending a hand. This response came in the shape of a new social media platform to replace the old one.

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Musk wanted to increase his stake in Twitter after becoming the company’s top shareholder. He intended to buy the company at $54.20 per share, claiming that privatization would help to protect free expression. This drew a lot of attention from a variety of people. While some increased their proposal, a few others opted to team up with Musk to launch a completely new platform.

According to the founder of the American electric car manufacturer, achieving Twitter’s aims will be tough under existing circumstances, thus he is keen to purchase the platform and take it private.

However, his proposition arrived less than a week after his over 9% Twitter holding was revealed. Musk stated that if his offer is rejected, he may have to reevaluate his investment in Twitter because he believes the firm will not be able to meet its goals in the present environment.

A plot to include Cardano in the tipping service?

Musk polled his almost 100 million Twitter followers a few weeks ago to see if he should build a decentralized social media platform that respects free expression.

Musk’s fans overwhelmingly supported his decision to develop a decentralized platform in a Twitter poll, with some users suggesting that he include cryptocurrency like Dogecoin (DOGE) in the platform’s tipping jar. As a result, it does not come as a surprise that Cardano’s founder wants to work with Musk to create a decentralized social media platform, as he wants the ADA token to be included in the site’s tipping service.

Furthermore, the prospect of the world’s richest person, who has publicly trolled, harassed, and intimidated people on Twitter, becoming the owner of the very influential social media site, has sparked a lot of debate. Musk was chastised by Dogecoin co-founder Jackson Palmer for pursuing a hostile acquisition of Twitter.

In light of recent events, Musk admitted that he is unsure if he would be able to take over Twitter, but that he has a “Plan B.” At the time of writing, Cardano (ADA) was priced at $0.9474 with a daily drop of 1.94%.

Elon Musk Teases Dogecoin Payment Option On Twitter

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Ever since Dogecoin’s evangelist, Elon Musk became Twitter’s largest shareholder, the tech billionaire posted ideas, sought opinions, and conducted poll surveys all of which aimed at revamping the platform. One which rightfully stood out is the proposal to add DOGE as a payment option, sending the crypto community into a tizzy.

Musk, a well-known backer of the meme coin, managed to pump the DOGE price for a brief period of time by featuring Dogecoin’s Shiba Inu dog mascot in the “Cyber Rodeo” event during the launch of Tesla’s new gigafactory.

In addition to that, he said that Tesla is working on futuristic charging stations where users can pay in DOGE. Musk’s support helped the asset to reach among the coveted top ten largest digital assets by market cap.

The billionaire CEO of Tesla and SpaceX who now owns 9.2% of Twitter is a prolific Twitter user and has a magnetic effect on markets through his tweets. On 5th April, Elon Musk was appointed to Twitter’s board of directors and said he looks forward to working with the board to make “significant improvements to Twitter in the coming months.”

Elon Musk on his mission to “shake things up”

Musk, on Sunday, focused his attention on the social media giant’s first subscription service Twitter Blue. He suggested that the platform’s subscribers deserve an “authentication checkmark”, and a host of other features and perks, including bookmark folders, undo tweet option, and reader mode, among others.

In a series of tweets on 9 April, Elon Musk suggested there should be no ads and that the subscription price should be affordable.

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Just like Twitter announced its ETH tipping feature on the platform, Dogecoin’s founder Billy Markus also called for a similar feature for DOGE a few months back. Now after Musk hinted at a possible integration, Markus rallied behind the proposal saying that “this is good for dogecoin” in his tweet.

Many in the Doge Army is expectedly waiting for Musk to finally add the coin to Twitter as a tipping feature or integrate the cryptocurrency in some way or the other. With Musk now on board, this looks very much possible.

Dogecoin goes ‘Woof’ in the sky, at Tesla event

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Elon Musk, the CEO of Tesla, has inspired a spike in Dogecoin, the world’s largest meme token. The eccentric technocrat has propelled Dogecoin to new heights for the second time in the last week. Musk used drones to project Doge while hosting ‘The Cyber Rodeo’ party in Texas.

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The Tesla CEO has been a huge supporter of DOGE. While Musk was speaking to the audience, someone yelled, “To the moon!” “To the moon indeed,” Musk said in response.

DOGE took off as a result of this. Over the past 24hours, the altcoin has risen by approximately 1.10%. At the time of publication, the canine-themed cryptocurrency was selling for $0.1464. DOGE had a great week, with gains of up to 6.07 percent.

According to Ganesh Kompella, Venture Partner at Tykhe Block Ventures, Elon Musk has manufactured a gigantic ‘Doge’ out of drones, and it has been rallying high since then. He further added,

“The world’s richest man is obsessed with this meme coin. With this drone show coupled with him being on Twitter’s board, one can assume some more fireworks are on the way.”

Billy Markus hails Dogecoin in the sky

DOGE was on its way to reclaiming its kingdom after being overshadowed by Shiba Inu’s popularity. However, at the time of press, Shiba Inu was priced at $0.00002468 with a daily drop of 0.64%.

Despite being a meme coin, DOGE was pushed to the sidelines when the meme coin revolution began in 2021. With Elon Musk gaining ownership of Twitter, the community expects DOGE to become more prominent.

DOGE’s inclusion in the Twitter tipping jar feature is much desired. While Twitter has been slow to respond to community pleas for the meme coin to be included in its platform, Musk’s recent acquisition could change that. Billy Markus, the coin’s co-founder, recently tweeted about the reasons why Twitter should incorporate DOGE.

Being the social media platform’s top stakeholder and a board member has its own set of advantages. As a result, the community assumed Musk would be working on a number of Dogecoin-related projects in space.

Elon Musk is now Twitter’s largest shareholder with a 9.2% stake worth around $3B!

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Tesla CEO and Dogecoin proselyter Elon Musk has become the largest shareholder in the social media giant Twitter as per SEC filings. Musk is now the owner of 73,486,938 Twitter shares, which represents a 9.2% passive stake, in accordance with the Securities and Exchange Commission 13G filing released on 4th April.

But what is meant by the passive stake?

A passive stake is when investors were bidding shares higher on the anticipation that this could lead to something more.

Based on Twitter’s closing price on Friday, the stake is valued at $2.89 billion. The doge proponent, known for throwing unique teasers before a major event, went on a rant on Twitter’s failure to adhere to free speech, a few days ago. He then asked his 80 million followers “what should be done?”

As usual, Elon Musk’s tweet raked in more than 330k likes with one user even asking him to buy the platform and change the bird logo to a doge! which doesn’t sound far-fetched though since Musk is now likely to play a bigger role being the major stakeholder.

About a month ago, Musk also said he was planning to build a new social media platform. Following the news, Twitter shares have risen by more than 25% in the premarket. Wedbush analyst Dan Ives said Monday on CNBC’s “Squawk Box,” said,

“Elon Musk could try to take a more aggressive stance here on Twitter. This eventually could lead to some sort of buyout. This makes sense given what Musk has at least been talking about, at least from a social media perspective.”

Elon Musk’s Doge to the moon?

Musk recently posted a meme video on DOGE in response to a tweet about Bitcoin miners by Brett Winton, Director of Research at Ark Invest. For a better context, Winton has shared a joke featuring a brief conversation between someone who understands Bitcoin and mining and someone who does not know that “miners” are hardware.

Elon Musk responded by posting a video about Dogecoin, saying that it “explains everything”. The video showed a Shiba Inu dog [a DOGE symbol] riding a rocket which symbolizes the meme coin overtaking Bitcoin and other major cryptos by market cap.

Well, in fact, it did turn into reality, albeit for a short time. Doge tokens responded briefly by a 10% rise at $0.155, just minutes after the reports of Musk’s Stake began circulating. Since then, the asset has retraced slightly and is trading at $0.152, at press time.

Elon Musk has no plans to sell BTC, ETH, and DOGE

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Tesla and SpaceX pioneer Elon Musk said that he won’t sell his Bitcoin, Ether, and Dogecoin while advising his followers to hold ‘physical things’ like homes and stocks amid high inflation. Musk initially tweeted asking for opinions on the inflation rate which generated a huge response and raked roughly 128k likes at the time of this post.

In a series of tweets, discussing inflation, Musk said: “As a general principle, for those looking for advice from this thread, it is generally better to own physical things like a home or stock in companies you think make good products than dollars when inflation is high.”

He added: “I still own & won’t sell my Bitcoin, Ethereum, or Doge.”

—Elon Musk (@elonmusk) March 14, 2022

In just a few minutes after the tweet, the value of DOGE briefly surged by 6.5%, the highest in 4 days at $0.119. The price has since retraced by almost 6% and is trading at $0.1132, press time.

Elon Musk sees significant recent inflation pressure

The billionaire entrepreneur is a big advocate of cryptocurrencies and an avid dogecoin supporter. While discussing the merits of crypto with leading figures from the tech industry, Elon Musk tweeted, “Tesla and SpaceX were “seeing significant recent inflation pressure in raw materials & logistics.”

For the record, inflation in the US hit 7.9% year-on-year in February, its highest since 1982, according to data provided by the Bureau of Labor Statistics. The conflict between Russia and Ukraine as well as high inflation in the U.S. and Europe has already become a real threat to the capital of tens of thousands of private investors around the world.

Many investors are looking for ways to protect their savings from inflation using cryptocurrencies. Some however are skeptical. Chad Steinglass, head of trading at CrossTower termed crypto more like a speculative asset, rather than a defensive one.

Bitcoin- A digital gold?

That said, volatility is nothing new in the world of digital currency. Even the most stable cryptocurrencies, like BTC and ETH, can rise and fall by tens of percent within a day. In the longer term, this trend will develop which will not only increase the price of Bitcoin but also result in a gradual decrease in its volatility.

Jeff Mei, director of global strategy at digital asset platform Huobi Global believes that Bitcoin is a great hedge against inflation because there is only 21 million Bitcoin available once they’re all mined.