Last Updated on October 9, 2022 by Bitfinsider

Since the announcement, the Dogecoin community has supported Elon Musk’s intention to acquire the social media network Twitter. Musk, who appeared to have been engaged in a game of cat-and-mouse with the social media powerhouse over the past few months, eventually capitulated and agreed to purchase Twitter at the previously agreed upon price of $54.20 per share. Here are the reasons why the Dogecoin community strongly supports this choice.

Twitter Accounts That Accept Dogecoin Payments

Elon Musk has been well-known over the past year and a half for his support of the meme coin Dogecoin. His persistent promotion of the digital asset, along with the revelation that it was his preferred cryptocurrency, led to a large increase in its value in 2021.

In that time, Musk has proposed several enhancements to the meme coin, including the addition of support for payment in the digital asset. In the past, the billionaire has accepted DOGE for Tesla items.

On Twitter, Musk has mentioned his intention to implement Doge as a payment option in the past. That would increase the number of people who can use Dogecoin, which would lead to a higher price. For this reason, the Dogecoin community fully supports Elon’s plan to take over Twitter.

How Far Will DOGE Price Go?

Without a doubt, Musk’s agreement with Twitter has had a significant impact on the price of Dogecoin. The crypto-supporting millionaire would effectively be in charge of one of the main crypto-discussion platforms, which has been shown to influence investor behavior.

Even with the revelation that Musk had ultimately agreed to purchase the social media network at the prior price, DOGE’s price had increased significantly. The DOGE price rose 10% on the day in question when the news surfaced.

The price of Dogecoin is anticipated to increase once the final agreement is confirmed. Musk has not yet made any additional public pronouncements regarding the implementation of DOGE payments on the app, however a leaked text message conversation between Musk and his brother Kimbal makes reference to “doge social media.”

If Musk purchases Twitter and implements his membership fee plan, which can be paid with DOGE, it is safe to assume that the meme coin will experience a major rally once the news is released.