Elon Musk pumps Dogecoin to pay off his Twitter debt: Report
A Bitcoin maximalist alleged that rapid support for Dogecoin by Tesla CEO Elon Musk is only a part of his personal benefits.
Elon Musk is the top richest person in the world and in Q4 of 2022 he acquired Twitter for $44 billion. To acquire Twitter, Musk grabbed huge support from the Binance crypto exchange and also diluted a significant amount of Tesla shareholdings. Three days ago, Musk changed Twitter’s bird logo with the Dogecoin logo and this act by Musk acted as a catalyst to pump the price of Dogecoin by 25% within a few hours & also Dogecoin’s market cap saw an increase of $1.7 billion.
On 4 April 2023, Bitcoin maximalist Jimmy Song took to Twitter to share his opinion on the recent Doge price pump and claimed that Elon Musk was making money to pay off his Twitter debt.
Dogecoin Trillionaire
First-time Musk started talking about Dogecoin in April 2019. At that time he said that Dogecoin might be his favourite digital currency.
Under the leadership & support of Tesla CEO, Dogecoin pumped by nearly 350 times between Q4 2020 to Q2 2021. Later in October 2021, Musk said that he aims to become the world’s first trillionaire in Dogecoin.
Crypto payments via Twitter
In Q1 2022, Dogecoin grabbed huge popularity in the Crypto crypto industry, as Tesla CEO announced that he purchased around 8% stakes in Twitter.
In Q2 2022, Musk announced his plan to purchase Twitter as a private company. After that news, doge coin lovers started to speculate that Twitter will add Dogecoin as a primary crypto payment option.
In late 2022 some Twitter official reports confirm that Twitter engineers are already developing Crypto payments
tools along with the fiat payment system but the introduction of Crypto payment features in the Twitter app will be visible in the future, as the crypto sector is not regulated in all countries.
Read also: Bitcoin trade & payment platform CashApp founder dies
