Developments in key AI companies sometimes drive gains in AI-focused tokens as traders bet on the long-term growth of such tokens.
Twitter IPO: Dogecoin Takes Center Stage In Elon Musk’s X IPO Rumors
The crypto community is buzzing with excitement as rumors spread about a possible collaboration between the CEO of Pershing Square Capital Management and Elon Musk’s X. Ackman’s desire to potentially work with X has grabbed the attention of investors, raising questions about the possible impact on the cryptocurrency market, specifically on digital coins like Dogecoin.
Ackman Signals Willingness To Strike Deal With Musk’s X
According to reports from The Wall Street Journal, Bill Ackman, an American Billionaire hedge fund manager and founder and CEO of Pershing Square, has stated his interest in striking a deal with Elon Musk’s recently rebranded X social media platform.
When asked by The WSJ if he would be interested in enacting a deal with X, Ackman responded by saying “Absolutely.” The American billionaire has been an avid user of X platform, amassing almost 800,000 followers and broadcasting his views on various global topics and issues.
The Pershing Square CEO also recently disclosed the regulatory approval of its unique investment vehicle, SPARC by the United States Securities and Exchange Commission (SEC), allowing the financial vehicle to target and invest in privately held firms and move them into a public domain.
Ackman announced in an X post, urging private companies looking to go public to consider Pershing Square as an investor.
“If your large private growth company wants to go public without the risks and expenses of a typical IPO, with Pershing Square as your anchor shareholder, please call me. We promise a quick yes or no,” Ackman stated.
Although Ackman has revealed his willingness to potentially collaborate with X, Musk has not released any acknowledgment or confirmation of Ackman’s statement. Investors, however, are curious about the potential influence the alleged collaboration would have on Dogecoin cryptocurrency.
What Does This Mean For Dogecoin?
The speculation about X’s dealing with Ackman’s investment vehicle has led to whispers about potential market changes and possibilities for Dogecoin.
Since Dogecoin is known to be highly favored by Musk, who is believed to be one of the largest investors of the cryptocurrency, industry investors see the possibility of cooperation between Ackman and X driving Dogecoin’s market price toward a $0.75 mark.
There have also been previous speculations that Musk would implement DOGE payments as he deploys X bots in his new X payment plans.
Crypto enthusiasts and industry investors have seen Musk’s heavy influence on the price of Dogecoin over the years and are looking forward to the changes the cryptocurrency would have if rumors of Ackman’s alignment with X come to fruition.
Currently, the price of Dogecoin is trading at $0.062 with a 24-hour trading volume of over $238 million. The cryptocurrency is presently facing a bullish uphill climb to the $0.07 mark, however, market metrics have revealed challenges in Dogecoin’s upsurge.
Dogecoin (DOGE) Price Is Up 5% On This News
After a tough week for Dogecoin (DOGE) investors, there was at least a small Christmas present from the European crypto exchange Bitstamp yesterday. The fifth-largest exchange by spot trading volume, according to recent data from CoinMarketCap, announced that it will list Dogecoin.
Bitstamp, which is based in Luxembourg, allows trading between fiat currencies and Bitcoin, as well as other cryptocurrencies. As of yesterday, Dogecoin (DOGE) can now be exchanged for euros and USD.
“We’ve launched Dogecoin, the cryptocurrency inspired by the popular Shiba Inu meme, for our customers. Buy and trade DOGE on Bitstamp today!” the exchange wrote.
Dogecoin Price Shows Slight Recovery
Driven by the news, DOGE recorded a slight upward move today, causing the Dogecoin price to rise by 5% temporarily. At press time, DOGE was trading at $0.776. Thus, DOGE had already lost some of its profits again and is only 2% above the previous day’s price as of press time.
The news has also caused Dogecoin to see a brisk increase in 24-hour trading volume. Compared to the previous period, DOGE’s trading volume spiked by 76%, totaling $590 million. Still, the DOGE army has failed to push the price above the key resistance at $0.0791.
A look at the 4-hour chart reveals that the price is still in strong bearish territory. If DOGE fails to break through the aforementioned resistance, a retest of the support at $0.0700 seems likely to happen.
A look at the 1-day chart also reveals that Dogecoin has been in a descending trend channel since the beginning of the month. After trading as high as $0.114 on December 5, DOGE is currently trapped in this descending trend. A close significantly above the $0.0776 level would mark a breakout from the trend channel and could bring new hope.
As NewsBTC reported, DOGE investors can hope for a positive boost from today’s release of the core Personal Consumption Expenditures Price Index (PCE). If the data comes in significantly below expectations, what seems very like to some analysts, the US dollar could weaken and boost risk assets such as DOGE.
Is The DOGE Community Losing Faith?
The current downward trajectory comes after Dogecoin’s biggest and most influential fan, Elon Musk, has gone relatively quiet. After the Twitter acquisition, Musk was still very active in promoting DOGE. The Tesla CEO hinted several times that Dogecoin could play a role in Twitter’s future path.
However, in the past week, there were two harsh dampers for the DOGE army. On the one hand, a vote ended with Musk stepping down as Twitter CEO in the coming weeks, and on the other, the platform introduced a new chart feature for Bitcoin and Ethereum, but not for the meme coin.
Elon Musk Lifts Twitter Ban On Dogecoin Accounts; DOGE Pumps 7% – Here’s What Happend
Amidst all of the hustle and bustle surrounding the reorganization of Twitter and the revelations of the “Twitter Files,” Elon Musk took the time a few hours ago to fix a pressing problem for the Dogecoin community.
In recent days, Musk had declared war on the spam bots on Twitter. In doing so, the algorithm and the Twitter team may have been a bit too harsh.
Musk Stands By For The DOGE Community
Dogecoin founder Billy Markus wrote on Twitter that more than a dozen Dogecoin Twitter accounts were suspended last weekend, even though they were mainly just tweeting DOGE memes. Markus wrote that these accounts were unjustly suspended:
A whole bunch of accounts of people who, as far as I know, generally don’t do anything but tweet memes and positivity are being suspended. Pretty weird man.
Twitter CEO Elon Musk, who through a representative is part of the Dogecoin Foundation’s five-member advisory team alongside Markus and Vitalik Buterin, responded to the tweet within three hours.
Musk wrote that his Twitter team had been a bit too aggressive with the suspension of spam bot accounts. “Team was a bit too intense with spam/bot suspensions. Moving to chill mode,” Musk replied.
Dogecoin founder Markus then confirmed that the accounts have been reactivated “Welcome back Doge accounts. ty @elonmusk,” Markus added.
welcome back doge accounts
ty @elonmusk
— Shibetoshi Nakamoto (@BillyM2k) December 5, 2022
Remarkably, this wasn’t the only incident where Elon Musk showed his love for Dogecoin over the last weekend. According to Matt Wallace, Elon Musk was spotted on Saturday wearing a black Dogecoin t-shirt, displaying the mascot of DOGE, a Shiba Inu wearing a cowboy hat and sunglasses.
Elon Musk just Spotted Wearing a #Dogecoin T-Shirt
pic.twitter.com/MOpphdPdw2
— Matt Wallace (@MattWallace888) December 3, 2022
Dogecoin Price Pumps 7% After Musk’s Endorsements
The Dogecoin (DOGE) price initially showed no reaction to Elon Musk’s tweet. This is unusual, as Musk usually triggers a small or large rally with every tweet about the meme coin. However, nothing happened in the first hour after the tweet.
This has changed in the last couple of hours. The DOGE price rose to $0.1118 at one point, recording an increase of around 7.5% within an hour.
However, the FOMO quickly flattened out. DOGE was trading at $0.1076 at press time, still posting a gain of around 4% over the past 24 hours.
The move has bounced off the important $0.11 resistance zone again. For DOGE it is already the fourth rejection within the last month at this mark. The price had fallen below it on November 7.
To initialize a stronger upward movement towards the zone between $0.135 and $0.14, DOGE needs to overcome the key resistance at $0,11 in the 4-hour chart.
Dogecoin Jumps 10% As Gokhshtein Claims Buterin And Musk Will Work Together For DOGE
Crypto influencer David Gokhshtein has told his nearly 700,00 followers on Twitter that he expects Ethereum co-founder Vitalik Buterin and and Elon Musk to join forces to upgrade Dogecoin.
The Dogecoin price, possibly triggered by Gokhshtein’s speculation, saw a massive spike of more than 12% at one point in the aftermath. The price shot up from $0.0823 to as high as $0.0913 on Binance. At press time, however, DOGE was already experiencing a slight correction of the swing and was trading at $0.0882.
“I feel that we’ll all seen Vitalik and Elon working together to somehow upgrade DOGE”, Gokhshtein tweeted and added that “they won’t work on Bitcoin — well because Vitalik tried that in the past and was kicked and Elon is interested in turning something that started off as a joke into something serious.”
However, it is important to remark that neither Musk nor Buterin have commented on Gokhshtein tweet.
The crypto-influencer is making a pure speculation, presumably based on previous statements made by both individuals. Musk is known to be one of the biggest, if not the biggest Dogecoin (DOGE) supporter. His tweets have caused massive swings in the DOGE price in the past.
Last but not least, there are rumors and hints – which Musk has never fully dispelled – that Musk himself is the biggest holder of Dogecoin (DOGE).
Deep Dogecoin Ties Between Buterin And Musk
Vitalik Buterin, for his part, has already spoken out several times on the subject of a DOGE upgrade from proof of work to proof of stake.
According to Buterin, Dogecoin has been in consideration for a move to proof-of-stake for some time. Buterin shared this assessment at Mainnet 2022, a crypto conference held Sept. 21-23 in New York.
Back in August 2021, the Dogecoin Foundation announced its re-launch. First established in 2014, the foundation has since been able to count on the support of the Ethereum mastermind.
Buterin joined the board of the newly established Dogecoin Foundation as one of its four-member advisory team. A representative of Elon Musk is also on board.
This is not necessarily surprising given the Tesla CEO’s previous activities regarding Dogecoin. Not least, Musk had called for a drastic reduction in transaction fees on the Dogecoin network, among other things.
Moreover, Buterin has donated large amounts of DOGE to the Dogecoin Foundation several times in the past, the last time in November 2021. A year ago, he donated 20 million DOGE.
So, even though Gokhshtein’s statement is pure speculation, there are indeed some connections between the two personalities that make a joint effort not seem impossible.
Can Elon Musk Influence The Next US Election?
The Elon Musk Twitter deal is almost at its end. A Bloomberg report stated that the plan was to finalize the deal by Fri. 28 October, transferring ownership to the billionaire. As the social media platform is about to switch hands, it has raised multiple questions regarding Musk’s plans for it and its impacts. Since Twitter’s influence spans every sphere of everyday life, could Musk’s acquisition influence the next US election?
Twitter’s Influence On US Election
Over the years, there have been multiple bans placed on political figures by Twitter. One of the most notable is the ban of former US president Donald Trump – a move that saw calls for ‘freedom of free speech’ on the platform, which Elon Musk himself has highlighted.
Musk has previously made it known that when he took over the social media platform, he plans to ‘clean it up.’ His idea of a ‘clean up’ included making Twitter a platform that supports free speech. So it begs the question of how he intends to go about it.
Once Musk takes control of Twitter, he will have the power to unban important political figures such as Donald Trump and Senator Ron Johnson. If the Tesla CEO does choose to do this, it may have a profound influence on the next US elections as it reinstates the access of these political figures to a wide audience once more. However, there is no telling if it is possible to further influence beyond lifting the bans on political figures in pursuit of free speech.
The next US election will happen in 2024, and by then — assuming the deal goes through as planned, Musk will have had control of the social media platform for at least a year. This is enough time for some significant changes to the platform.
Musk, Bitcoin, And Social Media
Elon Musk has always been one of the biggest evangelists of Bitcoin and cryptocurrencies in general. Back in 2021, his electric vehicle company Tesla had briefly accepted Bitcoin payments before halting it due to environmental concerns. However, Musk has not stopped showing support for Bitcoin. Tesla still holds about $200 million worth of BTC on its balance as of the time of this writing.
It is therefore not a long shot to expect that the use of Bitcoin could be promoted on Twitter once Musk takes over. Twitter already has the “Tip Jar” feature that allows users to tip content creators using Bitcoin and other cryptos. Musk’s previous idea was to expand this to include Dogecoin. So the billionaire’s takeover of Twitter could lead to an even larger presence of the crypto community on the platform. He could use his new position to promote Bitcoin as he has done in the past.
As for the Twitter deal, Musk does not seem too fazed about the court order to complete the deal by Oct. 28. “I think it’s an asset that has just sort of languished for a long time but has incredible potential,” Musk said during a Tesla earnings call. “Although obviously myself and the other investors are overpaying for Twitter right now.”
Elon Musk visited the Twitter headquarters on Wednesday where he said he met “a lot of cool people.” He is expected to speak to Twitter workers on Friday about the future of the platform. While there are no public details on what this would entail, there have been reports that he plans to cut 75% of the 7,500 workers, leaving a skeleton staff of 2,000.
BTC recovers above $20,700 | Source: BTCUSD on TradingView.com
Featured image from Ekonomist, chart from TradingView.com
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Kimbal Musk, Elon’s Brother, Says He ‘Violently’ Opposes Cryptocurrency
Elon has been one of the most outspoken individuals in the cryptocurrency sector, but his brother Kimbal Musk has his own set of beliefs when it comes to the digital asset class.
Kimbal stated in an interview with Input Magazine that he is concerned about cryptocurrency’ negative impact on the environment.
He didn’t mince words, actually:
“I am violently opposed to anything with that degree of environmental damage,” Kimbal told Input Magazine.
Related Article | Could An Elon Musk Time Magazine Cover Predict The Crypto Cycle Peak?
Kimbal Musk Says Crypto An ‘Environmental Crisis’
“Cryptocurrency as it currently exists is a non-starter. I violently agree that we must fix this environmental crisis,” he said.
Mining bitcoin has been shown to consume an enormous amount of energy. A single BTC transaction is projected to eat up 2,292.5 kilowatt-hours of electricity, which is sufficient to run a normal US home for nearly 80 days.
This is the reason why his brother Elon stopped accepting bitcoin payments for Tesla vehicles last year, despite the fact that the electric car manufacturer still has roughly $2 billion in bitcoin on its balance sheet.
With over 200,000 transactions each day – and counting – worry about crypto’s environmental impact has grown.
Tesla announced in a filing with the US Securities and Exchange Commission on February 8 last year that it had invested $1.5 billion in Bitcoin.
BTC total market cap at $744.56 billion in the daily chart | Source: TradingView.com
Tesla ‘Very Ignorant’
Elon’s younger brother stated last week that Tesla was initially “completely ignorant” of Bitcoin’s environmental implications when it introduced the cryptocurrency to its balance sheet.
Kimbal is the owner of the environmentally friendly restaurant business The Kitchen and is reported to have a net worth of $700 million.
He is on the boards of directors of Tesla and SpaceX and holds a sizable stake in the space exploration company.
Related Article | Elon Musk Explains DOGE Edge Over Bitcoin, But Where Is He Wrong?
Kimbal announced the development of a decentralized autonomous organization (DAO) in December last year with the goal of enabling “decentralized charity.”
He discussed a variety of issues with Input Magazine , including his thoughts on wealth and his food equality cryptocurrency initiative, “Big Green DAO.”
BGDAO is built on the Ethereum blockchain and provides each member with a single vote on the decentralized autonomous organization’s decisions.
On Carbon Footprints & Being ‘Cautious’
Kimbal did express optimism for Ethereum 2.0, which is expected to consume significantly less energy than ether and is also expected to be more secure.
Meanwhile, environmentalists claim that cryptocurrency’s rise is creating a massive carbon footprint, thereby contributing to the world’s climate problem.
Kimbal also shared the tips that his brother has given him when it comes to cryptocurrencies.
“To be honest, I have no idea what his position is on crypto,” he told Input. “The most important piece of advice I received from my brother is ‘be cautious,’” he said.
Featured image from MarketWatch, chart from TradingView.com
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