Elon Musk, the chief executive officer of Tesla and the world's richest man, is looking to pull out of his US$44 billion bid to buy microblogging platform Twitter. In a filing with the US Securities and Exchange Commission (SEC), Musk said that he wanted to terminate the deal because Twitter was in "material breach" of their agreement and had made "false and misleading" statements during negotiations. In return, the website has taken shots back at the Tesla man by suspending his Twitter account. Or that is what a cheeky yet misleading viral tweet doing the rounds of the bluebird app suggests. At first, people thought that this might affect the price of the famous meme currency "Dogecoin" but looks like things aren't going to be that bad. Especially when Elon Musk once again voiced his support for the popular meme-based cryptocurrency Dogecoin ($DOGE). According to data from CoinGecko, DOGE is still much higher than its historic low of US$0.00008690, up 78,638.3%, despite the recent meltdown seen across the board on the market. Even then, Dogecoin remains down 89.17% from its all-time highs in 2021.
In May 2021, Dogecoin rose to all-time highs of US$0.74 in the lead-up to Elon Musk's SNL appearance, gaining nearly 12,000% within the space of four months. In 2022, Dogecoin has not seen any major rallies, save for brief spikes amid bearish market conditions. Dogecoin experienced a brief 15% increase in January after electric-car manufacturer Tesla announced it had started accepting the cryptocurrency as payment for merchandise.
Since its launch, Dogecoin (DOGE) has been a law unto itself; all it takes is a single tweet from the coin's biggest cheerleader, Elon Musk, and the price suddenly skyrockets. This is because, unlike all the other coins that it currently shares the top ten of the CoinMarketExchange with, it is a meme coin. Meme coins largely rely on publicity and social media influencers to push their prices up, rather than actual token utility.
This has its pros and cons. It's great when prices surge, but prices can fall just as quickly, making them a volatile investment.
Dogecoin's (DOGE) developers, along with its cheerleaders, are striving to improve the utility of DogeCoin (DOGE). Elon Musk's company, Tesla, is already accepting payments in DOGE for merchandise. There is also speculation that once Musk's imminent takeover of Twitter is complete, then advertising on Twitter will be available to purchase using DOGE.
There's more. In May, DogeDesigner released a new plugin that allows website owners to begin accepting payments in DOGE. The plugin allows over 455 million WordPress websites to utilize the WooCommerce plugin as an 'Easy Dogecoin Gateway'.
These kinds of real-world usages, along with Dogecoin's (DOGE) phenomenal popularity on social media and among celebrities, ensure that the crypto outperforms all expectations. It remains a fantastic investment moving forward, despite all of the doom-mongering in the mainstream press.
The price of Dogecoin has for over a year shown strong correlations with Tweets and news from Elon Musk. In February Elon Musk revealed Dogecoin could be used to charge an electric car at the Santa Monica supercharging station. Previously this month Musk hinted that Doge could become a crypto means of payment on the Twitter platform.
No surprises as the Dogecoin price showed signs of a breakout, growing 21% within hours after Twitter announced they accepted the US$44 billion bid from Elon Musk. But now even though the deal is called off nothing seems to change for DOGE.
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