Dogecoin: The Surprise Winner Of Elon Musk's Twitter Acquisition (DOGE-USD)

[ad_1] <div data-test-id="content-container"><figure class="getty-figure" data-type="getty-image"><picture><img src="https://static.seekingalpha.com/cdn/s3/uploads/getty_images/1318513782/image_1318513782.jpg?io=getty-c-w750" alt="investing in cryptocurrency concept image featuring dogecoin" data-id="1318513782" data-type="getty-image" width="5616px" height="3697px" srcset="https://static.seekingalpha.com/cdn/s3/uploads/getty_images/1318513782/image_1318513782.jpg?io=getty-c-w1536 1536w, https://static.seekingalpha.com/cdn/s3/uploads/getty_images/1318513782/image_1318513782.jpg?io=getty-c-w1280 1280w, https://static.seekingalpha.com/cdn/s3/uploads/getty_images/1318513782/image_1318513782.jpg?io=getty-c-w1080 1080w, https://static.seekingalpha.com/cdn/s3/uploads/getty_images/1318513782/image_1318513782.jpg?io=getty-c-w750 750w, https://static.seekingalpha.com/cdn/s3/uploads/getty_images/1318513782/image_1318513782.jpg?io=getty-c-w640 640w, https://static.seekingalpha.com/cdn/s3/uploads/getty_images/1318513782/image_1318513782.jpg?io=getty-c-w480 480w, https://static.seekingalpha.com/cdn/s3/uploads/getty_images/1318513782/image_1318513782.jpg?io=getty-c-w320 320w, https://static.seekingalpha.com/cdn/s3/uploads/getty_images/1318513782/image_1318513782.jpg?io=getty-c-w240 240w" sizes="(max-width: 768px) calc(100vw - 36px), (max-width: 1024px) calc(100vw - 132px), (max-width: 1200px) calc(66.6vw - 72px), 600px"/></picture><figcaption>Grandbrothers</figcaption></figure> <h2>Thesis Abstract</h2> After a 180-degree flip, it seems like Elon Musk goes to fulfil his preliminary promise of <a target="_blank" href="https://seekingalpha.com/news/3889519-judge-pauses-twitter-musk-trial-to-allow-for-closing" title="https://seekingalpha.com/news/3889519-judge-pauses-twitter-musk-trial-to-allow-for-closing" rel="noopener">buying Twitter</a>, Inc (<a target="_blank" href="https://seekingalpha.com/symbol/TWTR" title="Twitter, Inc." rel="noopener">TWTR</a>) for $44 billion. Since he introduced this modification of coronary heart final week, the pending trial has been postponed, Twitter has rallied, and the way forward for Musk, Twitter and Tesla (<a target="_blank" href="https://seekingalpha.com/symbol/TSLA" title="Tesla, Inc." class="paywall-full-content" rel="noopener">TSLA</a>) has been the topic of hypothesis. Nonetheless, not many have rotated to contemplate how it will have an effect on Musk's favorite dog-themed cryptocurrency, Dogecoin (<a target="_blank" href="https://seekingalpha.com/symbol/DOGE-USD" title="Dogecoin USD" rel="noopener">DOGE-USD</a>). Musk has expressed his need to make DOGE an intricate a part of the Twitter expertise earlier than, and this may occasionally now grow to be actuality. Though DOGE was began as a joke, we've seen simply how a lot a loyal group can do for a cryptocurrency, and this one has maybe essentially the most arduous followers. All cash is finally a social assemble, and since Twitter is now society's "city sq.", this looks as if the perfect place for it to flourish. <h2 class="paywall-full-content">In Case You Did not Know</h2> This is a fast recap for those who have not been following these developments. In April, Musk signed an settlement to <a target="_blank" href="https://www.theguardian.com/technology/2022/apr/25/twitter-elon-musk-buy-takeover-deal-tesla" rel="nofollow noopener" title="https://www.theguardian.com/technology/2022/apr/25/twitter-elon-musk-buy-takeover-deal-tesla">buy Twitter</a> for $44 billion. In July, nonetheless, he backtracked, citing considerations over bots which obscured the corporate's true worth. Twitter, who would have been joyful to take the supply at round $54/share, determined to sue the billionaire, after which Musk counter-sued Twitter. The court docket case was supposed to start on October seventeenth. Final week, nonetheless, Musk mentioned he would go forward with the acquisition and requested for the trial to <a target="_blank" href="https://seekingalpha.com/news/3889519-judge-pauses-twitter-musk-trial-to-allow-for-closing" title="https://seekingalpha.com/news/3889519-judge-pauses-twitter-musk-trial-to-allow-for-closing" rel="noopener">be postponed</a> whereas he obtained the financing. This would possibly contain promoting some shares of Tesla, which can have acted as a catalyst for among the newest value actions. <figure class="regular-img-figure" contenteditable="false"><a target="_blank" href="https://static.seekingalpha.com/uploads/2022/10/11/50662133-16654861712798498_origin.png" rel="lightbox noopener" data-width="2262" data-height="1158" data-og-image-twitter_small_card="true" data-og-image-twitter_large_card="true" data-og-image-twitter_image_post="true" data-og-image-msn="true" data-og-image-facebook="true" data-og-image-google_news="true" data-og-image-google_plus="true" data-og-image-linkdin="true"><img src="https://static.seekingalpha.com/uploads/2022/10/11/50662133-16654861712798498.png" alt="Tesla, Twitter Doge Price" width="640" height="328" contenteditable="true" data-width="640" data-height="328" loading="lazy"/></a><figcaption>Tesla, Twitter Doge Worth (TradingView)</figcaption></figure> As we are able to see within the chart above, Twitter shares rapidly rose following the acquisition announcement in early October, whereas Tesla's shares have been falling, though weak deliveries are additionally an element right here. I might additionally wish to level out the spike that we noticed within the value of DOGE, which Elon Musk has all the time been a fan of. Is that this a short-lived meme-inspired rally? Or may there be extra to this connection? <h2 class="paywall-full-content">Elon Could Have Plans For Dogecoin</h2> Elon Musk has tweeted about Dogecoin many instances earlier than and <a target="_blank" href="https://www.outlookindia.com/business/elon-musk-sued-for-258-billion-for-influencing-dogecoin-price-with-successive-tweets-news-202969" rel="nofollow noopener" title="https://www.outlookindia.com/business/elon-musk-sued-for-258-billion-for-influencing-dogecoin-price-with-successive-tweets-news-202969">was even sued</a> for "manipulating" the Dogecoin value along with his tweets. Now that it seems very seemingly that he'll personal Twitter, there is a very sturdy risk that he would possibly combine crypto/blockchain into the equation, and he has particularly talked about DOGE. Main as much as the Twitter vs. Musk trial, quite a few communications had been launched between Musk and different distinguished figures. In an alternate with the president of The Boring Firm, Musk mentioned the next: <blockquote class="paywall-full-content">My Plan B is a blockchain-based model of Twitter, the place the 'tweets' are embedded within the transaction of feedback. So that you'd must pay possibly 0.1 DOGE per remark or repost of that remark.</blockquote> Supply: <a target="_blank" href="https://capital.com/dogecoin-twitter-price-pump-doge-elon-musk-twtr-takeover" rel="nofollow noopener" title="https://capital.com/dogecoin-twitter-price-pump-doge-elon-musk-twtr-takeover">Capital.com</a> The concept of constructing Twitter a blockchain is not that far-fetched and will certainly clear up lots of the points the corporate is going through at the moment. For instance, the corporate has been criticized for silencing sure voices and opinions, however this may not be a difficulty if the platform labored like a decentralized group. Customers may even band collectively to vote/validate data. As an alternative of transactions containing cash, these can be tweets. Or, sooner or later, they might additionally embrace cash transactions. In a <a target="_blank" href="https://twitter.com/i/status/1579120248199950339" rel="nofollow noopener" title="https://twitter.com/i/status/1579120248199950339">recent video</a>, Elon Musk is seen evaluating Twitter to WeChat. He factors out how individuals can basically "dwell" on WeChat, and that is the place Twitter ought to be going. This comparability does appear considerably ironic. WeChat is an extremely centralized software. Nonetheless, this does not imply {that a} related app with opposing fundamentals cannot be constructed. Twitter may finally be a social media app, cost platform, market and so on., whereas nonetheless sustaining full decentralization through the use of blockchain know-how. And based mostly on Musk's earlier tweets, it seems like DOGE may be the native forex of this "SuperApp". With that mentioned, I have to word that Musk himself has <a target="_blank" href="https://capital.com/dogecoin-twitter-price-pump-doge-elon-musk-twtr-takeover" rel="nofollow noopener" title="https://capital.com/dogecoin-twitter-price-pump-doge-elon-musk-twtr-takeover">also said</a> {that a} mannequin utilizing DOGE transactions just like the one described above will not be possible at this time limit. <h2 class="paywall-full-content">Dogecoin: Not a Joke Anymore</h2> Lots of people would possibly scoff at the concept that DOGE may very well be an precise forex someday, however I do not suppose that is such a loopy concept. For starters, though DOGE was began as a joke, it has a strong basis behind it. DOGE is a fork of LuckyCoin, which is a fork of Litecoin (<a target="_blank" href="https://seekingalpha.com/symbol/LTC-USD" title="Litecoin USD" rel="noopener">LTC-USD</a>), which is a fork of Bitcoin (<a target="_blank" href="https://seekingalpha.com/symbol/BTC-USD" title="Bitcoin USD" rel="noopener">BTC-USD</a>). DOGE is mined in the identical manner Bitcoin is, though there is no such thing as a provide cap on the quantity of DOGE that may be mined. The forex is inflationary, however it will grow to be much less of a difficulty because the circulating provide turns into bigger. <figure class="regular-img-figure" contenteditable="false"><a target="_blank" href="https://static.seekingalpha.com/uploads/2022/10/11/50662133-16654863295742645_origin.png" rel="lightbox noopener" data-width="1404" data-height="724" data-og-image-twitter_small_card="true" data-og-image-twitter_large_card="true" data-og-image-twitter_image_post="true" data-og-image-msn="true" data-og-image-facebook="true" data-og-image-google_news="true" data-og-image-google_plus="true" data-og-image-linkdin="true"><img src="https://static.seekingalpha.com/uploads/2022/10/11/50662133-16654863295742645.png" alt="DOGE Supply Forecast" width="640" height="330" contenteditable="true" data-width="640" data-height="330" loading="lazy"/></a><figcaption>DOGE Provide Forecast (Investor Palace)</figcaption></figure> That mentioned, transactions are quick and low-cost, and over 4.4 million registered DOGE addresses are already accessible. As a method of alternate, it possesses the suitable qualities. It is divisible and will be transferred in a fast and environment friendly method. Clearly, it is not an optimum retailer of worth, however that does not imply it might probably't be utilized in each day transactions. 1000's of various issues have been used up to now as cash, from seashells to cattle to cigarettes. Finally, there is no such thing as a excellent cash (though Gold and Bitcoin virtually are) there may be solely the perfect type of cash accessible in a given place and time. And what's cash? It is finally a social assemble. It is one thing we use to measure worth, and a number of issues can be utilized to measure worth. Maybe much more vital than the qualities talked about above, sturdiness, divisibility and so on, is social acceptance. It virtually would not matter what we resolve is cash, so long as all of us agree that it's. Can DOGE grow to be an accepted type of cost on the web? With the help of arguably essentially the most influential individual on the planet and the technological capabilities of Bitcoin, I consider it might probably. <h2 class="paywall-full-content">Ultimate Ideas</h2> We dwell in unprecedented instances, each from a financial standpoint and in addition technologically. We now have seen unprecedented financial stimulus, billion-dollar corporations emerge in a matter of years, and crypto millionaires minted in even lower than that. Whereas I do not suppose that DOGE is there but, I undoubtedly do not consider we have seen the final of this meme-inspired coin.</div><script async src="//platform.twitter.com/widgets.js" charset="utf-8"></script> [ad_2] <a href="https://seekingalpha.com/article/4545955-dogecoin-surprise-winner-elon-musk-twitter-acquisition">Source link </a>