Musk's Halloween Tweet Leads to DOGE, SHIB Uptrend

Aaron Limbu  Nov 01, 2022 17:15  UTC 09:15

2 Min Read

Elon Musk, the new boss of Twitter, has again made a crypto-realted headline that has shot up prices.

Musk tweeted a photo of a Shiba Inu dog dressed in a shirt with a Twitter logo and a pumpkin with a Twitter logo on Halloween day, accompanied by a wink emoji as a caption. 

As expected, the prices of Musks' favourite crypto Dogecoin (DOGE) and Shiba Inu shot up. 

DOGE shot up 14% within minutes following his tweet. However, the crypto shrank down to 12% at press time. 

While Shiba Inu also showed a big uptrend but not as much as DOGE, it rallied by around 5% to create a local high of $0.00001032. However, Shiba Inu's uptrend also fell after the hype died down, and at press time, the pump was down to 4%. It was trading at $0.00001287.

Besides the tweet, the two cryptocurrencies were already hot as Musk had already hinted that DOGE would soon be incorporated with the Twitter platform.

Musk's latest tweet post comes after his completion of the acquisition of Twitter with $44 billion.

Musk has been a vocal supporter of DOGE for years now. He also believes that DOGE is better than bitcoin for executing daily crypto payments.

Musk's crypto-related tweets have always been market movers. 

DOGE also previously shot up in May when Musk tweeted that in the near future, his space venture company SpaceX would introduce payments with DOGE.

Bloomberg media on Saturday suggested several ways that Musk, who is one of the most significant crypto influencers globally, might bring more cryptocurrency into Twitter.

According to Bloomberg, if Musk decided to play a bigger crypto role on Twitter, there are some ways he could do it.

Bots and spam on Twitter have been a huge concern for Musk and helped trigger a contentious legal battle that put his acquisition of the firm at risk. The issue is particularly important in cryptocurrency, where spam accounts impersonate famous personalities like Musk in order to promote scams involving fake crypto giveaways.

According to Bloomberg, some crypto enthusiasts believe that Musk may advocate for the use of blockchain to help reduce bots on Twitter and authenticate all real humans on social media.

Freedom of speech is a priority for Musk, and he intends to lift the company’s lifelong bans on users. Those values align with those of most crypto believers dedicated to the ethos of the decentralization promoted by blockchain.

As per Bloomberg, Musk could potentially implement a token-based voting system that allows users to have more say over what occurs on Twitter. He also could add more crypto elements on Twitter to expand decentralization aspects and mainstream usage of digital assets.

Musk has already expressed ambitions of turning Twitter into a “super app.” In the past, he expressed admiration for China’s WeChat platform, which can handle things like messaging, games, payments, and video streaming.

Image source: Shutterstock

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