Dogecoin (DOGE) rallied from a one-month low on Monday as reports suggested Twitter could accept Elon Musk’s offer by as soon as Monday.
The the largest memecoin by market capital rose 10% from an intraday low in a few minutes, as multiple reports said the social media firm was on the verge of accepting Musk’s $43 billion offer.
DOGE tends to react positively to any news on the Tesla CEO, who recently revealed he had holdings in the token. But Musk’s acquisition of Twitter may be particularly positive for the coin, given that the world’s richest man has expressed interest in incorporating DOGE into the platform.
DOGE on Twitter?
After acquiring a 9.2% stake in Twitter earlier this month, Musk had toyed with the idea of introducing a monthly subscription service for the site. Musk proposed an option to pay for the service in DOGE.
Musk also proposed a feature that allows tipping Twitter users in DOGE. The social media site currently allows users to tip in Ethereum.
The Telsa CEO is a fan of DOGE and has featured the token in several Tesla roadshows and events. Musk’s interest in the memecoin, particularly through his tweets, also helped it become the 11-th largest crypto by market capital.
Musk has big plans for Twitter
Musk has posited big plans for Twitter, beyond just adding DOGE support. The Tesla CEO intends to take the firm private, and transform it into a global platform for free speech.
Twitter has extraordinary potential. I will unlock it.
Musk in his offer for Twitter
Musk believes the social media platform will be unable to thrive, nor act as a platform for free speech in its current form.
He recently floated the idea of an edit button for tweets. Musk also plans to severely crack down on bots and scam accounts on the platform- a major criticism levelled against the platform.