The World’s Richest man and big crypto enthusiast, Elon Musk, completed the Takeover of Twitter on October 28th. After what seemed like ages, amid several lawsuits and Elon musk nearly walking away from the deal, the “Dogefather,” as he’s famously called, completed the purchase of Twitter for $44bn.

Elon Musk is expected to facilitate free speech on the platform and to discontinue old policies that resulted in the ban of famous accounts (such as former president Donald J. Trump). However, more than his advocacy for free speech, Musk’s love for cryptocurrency and blockchain technology has kept the general public in anticipation of the possible effects of cryptocurrency. Elon Musk has been quite influential in the cryptocurrency space, particularly on Twitter, as he has severally publicly advocated Bitcoin and Dogecoin; in fact, his decision to invest $1.5 billion worth of Bitcoin via Tesla (which he later backtracked on) greatly impacted the price movement of cryptocurrencies.

The Impact of The Takeover On DogeCoin

Quite interestingly, after 16 months of steady decline, losing over 92% of its value, DogeCoin has experienced a surge within the last few days, experiencing a 105% upward movement since October 24^th (the deadline for the deal’s completion). Of course, this is no surprise, given Musk’s profound love for the meme coin. Originally without any tangible use case, DogeCoin has enjoyed clout from the world’s richest man, who has repeatedly suggested using DogeCoin as a payment option for regular services.

Replying to a post in October 2021 that suggested that about one-third of U.S. crypto holders had a stake in Dogecoin, Elon Musk affirmed his stance for supporting the cryptocurrency, saying, “it felt like the people’s crypto.” He claimed that many of the people he talks to at his companies, Tesla and SpaceX, own Dogecoin.

In his 2021 “Person of The Year” interview with Time, Musk reiterated his love for Dogecoin, stating that Bitcoin has a high transaction cost and low transaction volume; hence, it’s better suited as a store of value. In the same breath, he suggested that Dogecoin is better suited for transactions despite being created as a silly joke.

Musk’s public support for the cryptocurrency made it very popular around mid-2020 through 2021, earning him the nickname “the dogefather,” a wry way of regarding him as the cryptocurrency’s godfather.

Currently, Dogecoin is used to make some payments to Tesla, and in fact, it is the only cryptocurrency accepted by the company, and Musk has previously suggested that Twitter’s subscription service (Twitter Blue) can accept Dogecoin as a payment method.

Final Takeaway

Given the recent rally of the crypto market, which is suggesting exhaustion of selling pressure, the crypto bear market may be in its twilight. Hence, the timing of the finalization of Twitter's purchase may be impeccable, as it may be a catalyst to push the market even higher.

Already, dog-themed memecoins like Shiba Inu have followed DogeCoin's rise, gaining over 20% in the past few days. Hence, an announcement from Twitter's new owner in favor of DogeCoin will not only push the meme coin to greater heights, but it could also serve as a positive catalyst for the crypto market.

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