After months, Musk completed a $44 billion purchase of Twitter on Oct. Last week, DOGE recorded bullish price action after the new began to spread. Accordingly, the top memecoin surpassed Cardano on the market cap rankings. Since October 22, DOGE is up 170%, peaking at $0.15794 yesterday, marking a 27-week high. As Musk began to realize his vision for Twitter, it was rumored that Dogecoin would be used in some part of his plan.
The billionaire’s first act was to lay off several top executives, including CEO Parag Agrawal and the Head of Legal Policy, Trust, and Safety Vijaya Gadde, who have been accused of enforcing political bias, promoting censorship, and “wokeism,” including approving a ban on Donald Trump’s account.
However, now that Musk is in control, some have accused him of hypocrisy. For example, in the upcoming US midterm election race, Mark Finchem – an Arizona State Secretary candidate said his Twitter account ban was politically motivated, and added that he is fighting “the criminal Soros funds candidate.”
Others pointed to a temporarily locked account that became active again a few hours after Finchem raised the issue incomparable to a lifetime ban.
The latest change at Twitter is the dissolution of the board, making Musk the sole director of the company. This has raised questions about the platform’s leadership structure.
Dogecoin as a “super app” payment method?
Twitter user CroissantETH posted a long thread speculating about the upcoming changes. The main point of his post is the revival of x.com, an online bank that merged with Confinity in 2000 and later became PayPal.
In 2017, Musk bought the domain x.com from PayPal, saying he had no plans for the domain and purchasing only for sentimental reasons.
CroissantETH connected x.com and the Twitter acquisition by indicating the deal was done through the name “X. holdings”.
In a series of conversations between Musk, former Twitter CEO Jack Dorsey, and others, the Tesla CEO wrote about plans for a blockchain-based social media platform, including the concept of paying “a tiny amount” to subscribe to messages on chain.
He later wrote, “so you’d have to pay maybe 0.1 Doge per comment or repost of that comment.”
FTX co-founder, Sam Bankman-Fried, responded by saying he wanted to learn more about this vision.
Going back to x.com, CroissantETH believes Musk intends to build a “super app” under the x.com banner. An example of a super app would be Tencent’s WeChat, which combines instant messaging, social networking, and mobile payments.
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