Home
News
- Twitter execs agreed to trade the site with Musk for $44 billion
- Musk canceled the deal this July; he has revived it again
Crypto market volatility – Dogecoin in the limelight
The price of Dogecoin (DOGE) jumped by 8% after news broke that Elon Musk was going ahead with the Twitter deal on the initial terms. According to Bloomberg, Musk’s attorney wrote to Twitter proposing to settle for the deal at the original $54.2 per share.
Dogecoin is Elon Musk’s favorite cryptocurrency. Dogecoin was created as a joke, – it is also called a ‘memecoin’ – but because of the attention it garnered over time, it’s now counted among the top cryptos.
DOGE is ranked 10 in the market cap category according to coinmarketcap.com.
Musk’s tweets are known to create volatility in the crypto market. The Tesla founder’s tweets affect even Bitcoin. Last year, Vox mapped the relationship between Bitcoin and Musk-tweets. Nevertheless, Musk claims that Dogecoin is the coin of the future because of its non-serious theme.
The controversial Twitter deal
In April this year, Musk proposed a deal with Twitter’s executive board to buy out the micro-blogging site for $44 billion. The board accepted the offer after a few days. However, in July, Musk tanked the deal, alleging that Twitter had not fully disclosed details regarding spam and fake accounts.
When Musk canceled the deal, Twitter filed a lawsuit against Musk to force him to go ahead with the deal.
Musk wanted to buy Twitter because of the nuisance caused by spam and bot accounts, hoping to change it using blockchain solutions. In the ensuing lawsuit, his online conversations with several technology moguls including Jack Dorsey, Twitter’s co-founder and former CEO; Sam Bankman Fried, founder of FTX, one of the largest crypto exchanges.
Apparently, Dorsey ideated basing Twitter on Blockchain technology to democratize Twitter. Musk proposed charging people for tweets and retweets in order to weed out spam accounts.
It is true that Twitter has a spam and bot problem. These accounts can be extremely annoying and dangerous. They can pump topics and themes without any real noise around it while they can be used for relentless trolling.
Musk could truly democratize Twitter if his plans and ideas fructify. However, such changes including Blockchain architecture and paid services are fundamentally significant. They may be met with widespread backlash. Also even if no government can control the social media site, control over internet connectivity remains with the government.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
