Elon Musk's Twitter Takeover Brightens Dogecoin's Future
If Dogecoin gains from the $54 billion acquisition bid, it might surge over its all-time high.
The fact that Elon Musk's $44 billion offer for Twitter (TWTR) was accepted means that Dogecoin (DOGE-USD), Musk's preferred cryptocurrency, has a better future. On Twitter, Bitcoinist says he has "relentlessly pushed [cryptocurrency] to the mainstream."
In a recent interview with Bloomberg, a well-known Bitcoin (BTC-USD) enthusiast expressed his support for Dogecoin. An advocate of cryptocurrency dubbed "Bitcoin Jesus" Roger Ver told the magazine that he is an enthusiastic currency supporter.
Ver is well-known for being one of Bitcoin's initial and most fervent proponents. He just secured $14 billion in funding for his Blockchain.com start-up.
Ver claims that Dogecoin is quicker and less expensive than Bitcoin to use. Using DOGE costs roughly 1 cent for each transaction, but using Bitcoin costs 50 cents and $1.
It's also quicker to execute transactions using Dogecoin than Bitcoin. Dogecoin's technology typically closes a transaction in under a minute. The transaction time for Bitcoin is up to ten minutes.
One theory is that it has a greater hash rate than DOGE, so it has a lower price.
As a result, it's safer. However, others contend that a quicker processing speed is just as important in preventing hackers.
No matter what happens, Dogecoin might become an option for Twitter users if the agreement with Musk goes through.
For Dogecoin to become more widely accepted as a payment method, both subscribers and marketers should have the option of utilizing DOGE.
This might represent a "tipping moment" for DOGE. As a result, additional sites may begin accepting Dogecoin payments.
According to Coinmarketcap.com, Dogecoin is currently the 12th most valuable cryptocurrency globally. It's worth almost $17.3 billion, according to the stock market. One-third of the $44 billion that Twitter's board of directors has agreed to buy the company.
In light of Musk's support, DOGE's value may now equal that of XOM's. More than $1 per DOGE token is possible if Dogecoin obtains only 18 billion dollars of the $44 billion market value. Sixty-eight cents from a year ago would no longer be the all-time high.
As a result, Dogecoin's long-term value should rise due to the Twitter transaction.
