Last Updated on November 5, 2022 by Bitfinsider
Elon Musk likes Shiba Inu and Dogecoin among other cryptocurrencies. These memecoins compete fiercely in the market share and blockchain innovations categories. With its NFT and metaverse technologies, Shiba Inu ($SHIB) has recently been causing a stir in the cryptocurrency market.
On the other hand, one of the first meme currencies on the market was Dogecoin (DOGE). It was created in 2013 in response to the market’s rapid expansion of new cryptocurrencies. Nevertheless, it established a strong community, which helped it grow over time and become one of the most valuable cryptocurrencies in terms of market value.
Since Elon Musk bought Twitter, there have been doubts about its future. Many believe it will introduce or include a number of cryptocurrency initiatives. People anticipate that Elon Musk will somehow link Twitter with DogeCoin or Shiba Inus. The value of that cryptocurrency will soar if that turns out to be accurate.
The CEO of Tesla, SpaceX, and Twitter is a fan of Dogecoin. Musk has frequently expressed his intention to increase Twitter’s revenue and implement cryptocurrencies as a form of payment. Given his past choices, Musk would probably utilize Dogecoin.
The use of Dogecoin would increase dramatically if Elon Musk established a payment system for Twitter that utilized DOGE. Since every Twitter user would come into contact with the cryptocurrency at some point, it would establish a legitimate and undisputed value for DOGE.
Additionally, it would set a precedent for the use of cryptocurrencies in businesses for both the crypto industry and multinational enterprises.
If Elon Musk uses Dogecoin to monetize his Twitter, other businesses may easily follow suit and switch from Shiba Inu to Dogecoin. In this case, Dogecoin’s value will be higher than $1.
Social media is dominated by both cryptocurrencies. Elon Musk, though, who is credited with creating meme currencies, likes $DOGE to $SHIB. Even so, he has admitted that he has no $SHIB in his portfolio.
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