How Elon Musk’s Twitter Takeover affects Crypto: Dogecoin, Mask Network, Binance Bluebird Index
When Elon Musk first stepped into Twitter for the first time after the confirmed acquisition of Twitter, he decided that it should be an iconic entrance — carrying a sink into the headquarters, he posted the following viral tweet of him letting us “sink” into this very moment of his entrance:
That’s not all, as Elon Musk continued to tweet that “the bird is freed”. He has said he plans to cut jobs, leaving Twitter’s 7,500 employees fretting about their future. He also said on Thursday he did not buy Twitter to make more money but “to try to help humanity, whom I love.”
Over at the crypto space, everyone is perched for Elon Musk’s involvement on Twitter — being at the forefront of endorsing Dogecoin ($DOGE) before his takeover, it is not a stretch to assume that he would integrate Dogecoin after his acquisition.
These assumptions were later proven to be smart guesses, as Elon Musk constantly teases on the idea of dog coins being integrated into the giant social media platform. He even posted this image to ignite the hype for dogecoin and other meme coins that he may choose to endorse next, although it was equally possible that this was just a reference to something else entirely unrelated as well (it was Halloween!):
How Dogecoin ($DOGE) pumped to new highs after Elon Musk’s Twitter Takeover
Immediately after posting the Halloween picture above, Dogecoin (DOGE) jumps 29% in its price to about $0.145. This was amidst the rally that was already going on ever since Elon Musk posted the sink tweet 5 days ago on 27th October 2022.
To add fuel to the speculation that DOGE will be used for many other services, Elon Musk is deliberating introducing a service subscription fee for the coveted blue verification check. Users will need to part with $20, most probably paid in DOGE, per month to keep the blue tick. This move, if come true, will drive the price of Dogecoin further to new all-time highs (currently at $0.73).
Dog coins pumped after Elon Musk’s Twitter Takeover
The second-largest meme coin, Shiba Inu (SHIB), is also up 9% and trades at around $0.00001308, per data from Coingecko. But that’s not all — some of the dog related memecoins rallied in unison as the communities fought hard for their slice of attention to associate themselves with the idea that Elon Musk will use their specific dog coins for future Twitter integrations.
One specific example is Dogelon Mars ($ELON), where its name association is good enough to send it to almost 2x (or 100%!) gain within less than a week. Such irrational exuberance came amid a relatively flat crypto market, with bitcoin and ether rising nominally in the past 24 hours.
Another similar price action happened in Floki Inu ($FLOKI) as well, as they banked in on the fact that it is a similar Shiba Inu ($SHIB) token.
The thesis for dog coins seems to be more attractive as it can be said that Elon Musk would eventually use some of these dog coins for payments within the Twitter platform in the future.
However, that’s not all.
Mask Network ($MASK) and Elon Musk: the crypto that rhymes
A more interesting phenomenon that occurred is when you try to associate Elon Musk’s last name with a coin that sounds exactly like it — it is through the premise of association that a lesser-known coin like MASK would pump from $1.14 to $2.81 (more than double!) within 3 days.
So what exactly is MASK coin? MASK is the ticker for Mask Network, and upon closer research, one would realise why the pump was not purely due to a name association:
Mask Network brings privacy and benefits from Web3 to social media like Facebook & Twitter — with an open-sourced browser extension.
The premise for investing into Mask Network is the potential for social spaces to use Mask Network for its web3 components: from the idea of using NFTs and interacting with them, to the idea of gifting MASK tokens to incentivise content creation, the possibilities of MASK are endless especially if it is chosen by Elon Musk to power Twitter.
It’s already known that Twitter announced that it will let users buy, sell, and display non-fungible tokens (NFTs) directly through Tweets in partnership with four marketplaces, according to this article by Outlook India.
The integration, known as NFT Tweet Tiles, places an NFT’s artwork in its own panel within a tweet and adds a button that directs readers to a listing on a marketplace.
Binance Bluebird Index: How it affects $MASK, $DOGE and $BNB
Seeing the Twitter acquisitions and also understanding that Changpeng Zhao (or CZ), the CEO of Binance, has a history of pumping $500 million into Musk’s vision for the social network, it is no surprise that CZ would take the opportunity to start an index to put its own exchange token (Binance Token, or $BNB) into the hyped mix of $DOGE and $MASK.
Leading cryptocurrency exchange Binance recently launched a ‘Bluebird Index’, which is a cryptocurrency index that tracks the performance of its own native token, $BNB, as well as that of Dogecoin ($DOGE) and a little-known cryptocurrency called Mask Network ($MARK).
According to Binance, the new index is calculated using a formula that incorporates the “weighted averages of the constituent tokens’ real-time prices on the Binance Spot market.” The name and constituents of the index drew attention on social media, with several users claiming Binance is hinting at the coins that will be a part of a future Twitter integration into Web3.
Needless to say, Mask network ($MASK) upthrusted and pumped for the second time, this time to about $5.10 (and still going!), after the announcement of the Bluebird Index.
Some people believe Binance CEO “CZ” hinted at tokens that Twitter will support for payments. BNB and Dogecoin (DOGE) are already expected to be supported on Twitter. It is also no surprise that the BNB token pumped as well.
As you can see, Elon Musk’s impact on crypto markets after the Twitter takeover has been massive. The future implications of crypto, namely $DOGE, $MASK, $BNB, and other memecoins remains at large, but one thing is for sure — there will be volatility in the coming months until Elon Musk settles with his new home at Twitter.
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