Over the years, the global increase in the adoption of cryptocurrencies has seen digital assets go beyond being just a store of value or a hedge against inflation. Today, users can now use cryptocurrencies to purchase goods and services in select places globally. Surprisingly, this was not the case initially, as crypto adoption was slow in many parts of the world, especially in Africa and Asia. Fortunately, that has changed today as the world continues to embrace digital assets and the immense benefits of Blockchain technology.

Today, Microsoft, Overstock, Tesla, and Starbucks, are among the many companies currently accepting Bitcoin for payment of goods and services. Alternatively, crypto holders can also use them for shopping purposes, purchasing gifts, and may even convert them to fiat currencies at a crypto ATM.

Popular social media platform- Twitter is the latest company flirting around cryptocurrencies. It is rumored to be considering adopting the popular meme coin- Dogecoin, to receive payments for its services. Surprisingly, this is not the first time the technology company is linked with cryptocurrencies, as Jack Dorsey, its former CEO, once contemplated adopting Bitcoin for payment. However, the new rumors may be close to the truth, as the company's new owner- Elon Musk, is a firm admirer of Dogecoin.

However, before we continue, it is crucial to understand Dogecoin, Elon Musk's relationship with the meme coin, and why Twitter may likely adopt it for payments.

Understanding Dogecoin: What Is Dogecoin?

Created in 2013 by Jackson Palmer and Billy Markus, Dogecoin is a peer-to-peer, open-source cryptocurrency and the first meme coin in the world. Like many meme coins, it was created to mock the hype surrounding cryptocurrencies in 2013 on social media and uses the image of the Shiba Inu dog as its trademark logo. As a meme coin, its price is also low, and its supply is unlimited with https://bitcoin-loophole.io giving proper details of these values. 

Its blockchain relies on the underlying technology of Litecoin, with many believing it is a replica of the cryptocurrency. Alternatively, like Litecoin, it also utilizes the proof-of-work consensus mechanism. Dogecoin is also an inflationary coin, different from deflationary cryptocurrencies like Bitcoin.

Fortunately, the crypto bull run of 2017 did not exempt Dogecoin, as it gained massively in price value. This fortune led to increased interest in the digital asset, growing its popularity on social media. However, the massive interest lasted only a short time, as the meme coin fell with many other cryptocurrencies in the bear run of 2018.

Meme coins are typically backed by a strong community of supporters who utilize and trade them. This is why today, Dogecoin remains the strongest currency of its holders,  who mostly use it for payment and tipping purposes on social media platforms like Reddit. In addition, in October 2021, AMC Entertainment announced to its customers that it would start accepting the utility meme coin as payment for its digital gift cards.

Currently, Dogecoin is available for purchase in many crypto platforms, including Binance, Crypto Engine, Coinbase, and Kraken. It is also the 8th-ranked coin in the crypto market,  with a market capitalization above $13 billion.

Twitter And Cryptocurrency

Former Twitter CEO- Jack Dorsey is a Bitcoin evangelist and a foremost cryptocurrency investor. Jack Dorsey has never hidden his admiration for cryptocurrencies, especially Bitcoin, as he continues to discuss and promote its adoption globally. The investor and Block CEO has also contributed to and funded many causes, seeking to increase crypto adoption in Africa and Asia. To create more advocacy for cryptocurrency, the entrepreneur co-founded "The Bitcoin Academy" with iconic rapper Jay Z. The Bitcoin Academy is a resident program that raises awareness about cryptocurrencies via online and in-person classes.

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In October 2020, Jack, via his payment company Square (now renamed Block Inc), purchased 4,709 Bitcoins to lead a new trend of institutional adoption of the cryptocurrency. At the end of the year, the digital payment company also committed about $170 million to Bitcoin, buying another 3,318 coins. This investment made Jack and his company, Square, one of Bitcoin's foremost and leading institutional investors.

However, in 2020, with Jack Dorsey at the helm of affairs, there were rumors that Twitter was on the verge of adopting Bitcoin for payments. At the time, Crypto analysts believed it was the right move, considering that Dorsey, the "spiritual leader of Bitcoin", was at the helm of affairs. Unfortunately, that move did not materialize due to several publicly unknown factors. Today, Jack has since moved on from the company he started, with Dogecoin's foremost investor- Elon Musk taking over the social media enterprise.

Twitter New CEO, Elon Musk, And His Ordeal With Dogecoin 

Twitter CEO and SpaceX founder- Elon Musk is a firm admirer of cryptocurrencies and does not shy from showing his admiration of digital assets. However, Musk's admiration of Dogecoin is the loudest, as he continues to influence the fortunes of the meme coin partly. Alternatively, the businessman does not also shy away from Bitcoin, an asset he and his company committed funds to in 2021.

In January 2021, Elon Musk tweeted about DOGE, stating that he was part of a team working to see the cryptocurrency improve its transaction efficiency. Fortunately, that tweet saw the price of the coin rise by more than 300%, reaching a new all-time high. On the same day, the Tesla CEO tweeted, "One word: DOGE and the meme coin witnessed a record-breaking amount of trading volumes in four hours. 

Earlier this year, Elon Musk, in a tweet, admitted to his followers that he would eat a happy meal on TV if McDonald's would accept Dogecoin as payment. That tweet positively improved the fortunes of Dogecoin, as the cryptocurrency gained 9% within 24 hours. In May 2022, the Twitter CEO, in a tweet, also announced that Tesla customers can now pay for goods and services with Dogecoin. He also informed the public that SpaceX was also working on incorporating Dogecoin into its payment, particularly for selling their merch. Like his earlier tweets, that announcement spiked the price of Dogecoin, as its fortunes increased within hours after the tweet.

https://twitter.com/elonmusk/status/1596718851097755648

Unfortunately, in June 2022, famous Dogecoin investor Keith Johnson filed a $258 billion lawsuit against Musk, claiming that the Tesla CEO was allegedly running a deceptive pyramid scheme to support the digital asset. According to Johnson, Musk intentionally drove up the price of Dogecoin by more than 36,000% in two years before letting it crash. Johnson is asking the court to order Musk to pay him $86 billion in damages and $172 billion in capital losses, all of which he had incurred trading Dogecoin since 2019. Surprisingly after Musk received the lawsuit, he declared that nothing would stop him from supporting Dogecoin.

Elon Musk And Bitcoin

Musk remains a firm believer in Dogecoin, admitting to his followers that he has some of it in his crypto wallet. He believes the cryptocurrency is one of the cheapest to invest in and continues to promote it like his own business. He has also mentioned that it is his best crypto asset and would never stop promoting the meme coin.

However, the Twitter CEO is also an admirer of Bitcoin, a digital asset he committed $1.5 billion from Tesla's fund into in February 2021. At the time, Musk admitted that the digital asset was the future and that Tesla was considering adopting it for payment. Unfortunately, the price of the digital assets had since fallen from the highs it was when Musk bought it, with Tesla admitting that it has sold more than 75% of its investment.

Musk has also remained controversial around Bitcoin, as his tweets have either spiked the digital asset price or contributed to its fall.

Will Dogecoin Become Twitter's Official Payment Network?

Earlier in April, Elon Musk touted the idea of buying Twitter and completed the takeover of the social media company on October 27, 2022, for a whopping $44 billion. That takeover instantly made the business manager the company's CEO and Owner, and some other changes. Musk also proceeded to fire many top executives and core staff of the company, including CEO Parag Agrawal. Alternatively, hundreds of employees also resigned willingly, with many citing that Musk's demands to commit to extra hard work were inhumane.

As an innovation, Musk has also introduced a payment service- Twitter Blue, to the social media platform. Twitter Blue is a premium subscription service set to elevate the quality of conversations on Twitter. It is an opt-in, monthly subscription service that adds a verified blue checkmark to the user account and offers early access to new features, like tweet editing. Unfortunately, the service subscription has been temporarily suspended due to technical issues. 

Surprisingly, Musk's takeover of Twitter has also led to speculation that Dogecoin will become the official currency of Twitter, as Musk has constantly reiterated that he prefers the meme coin over Bitcoin. Earlier this year, in an interview with Times Magazine, Musk was quoted saying that Bitcoin is not a flexible transactional currency and that the total transaction per day one can execute with Dogecoin has a higher potential than the digital asset. 

Also, in a recent tweet shared by Musk, before the launch of the now-suspended Twitter Blue service, he shared a slide of a company discussion around Twitter 2.0. Twitter 2.0, officially branded as The Everything App, is a new version that promises users new and exciting features like long-form tweets, encrypted direct messaging, and the relaunching of Twitter Blue. However, despite being an optional upgrade, this value-added service will not come for free.

Surprisingly, there have been many rumors concerning the payment method it will adopt, as many on social media believe it will be Dogecoin. These rumors are not far from Musk, who tweeted in April that, should he complete the Twitter takeover, Dogecoin will likely become an option for payment for the social media new subscription service. Earlier in the year, Musk also promised that should he successfully integrate Dogecoin into Twitter, users who pay with the cryptocurrency would get mouthwatering discounts.

Twitter And Dogecoin: Reactions So Far And What The Future Holds

As of today, there is no official statement or guarantee that Twitter will adopt Dogecoin, as it is all speculation. However, there has been excitement in the Dogecoin community, especially on social media, since Musk took over Twitter. The community expects the Dogecoin advocate to promote the meme coin, as they believe it will improve its fortunes in the struggling crypto market.

After Musk's takeover of Twitter, Dogecoin rose by over 6% in price value. Alternatively, its value has soared by more than 35% since rumors have been flying that it could be the first payment option of Twitter 2.0. If that eventually happens, crypto analysts predict that Dogecoin's value will skyrocket, and the cryptocurrency will reach new all-time highs, overtaking many altcoins. Furthermore, if and when Twitter adopts Dogecoin, the cryptocurrency will also gain an astronomical amount of users, becoming an altcoin that investors can no longer ignore.