On Halloween, Musk posted a picture of a Shiba Inu dog sporting a Twitter t-shirt and a Twitter-branded pumpkin with the emoji “wink” as the text.
Shiba Inu and Dogecoin (DOGE), Elon Musk's preferred cryptocurrency, both experienced dramatic price increases.
Within minutes of his tweet, DOGE rose 14%. At the time of publication, the cryptocurrency had decreased to 12%.
Although Shiba Inu didn't exhibit as strong of an upswing as DOGE, it still increased by almost 5% to reach a local high of $0.00001032. But as the initial excitement subsided, Shiba Inu's upward trend gradually slowed; as of the time of publication, the pump was at 4%. The price was $0.00001287.
The two cryptocurrencies were already popular before to the tweet since Musk had previously made it known that DOGE would soon be integrated with the Twitter platform.
Musk's most recent tweet was published after he successfully completed the $44 billion purchase of Twitter.
For many years, Musk has been an outspoken advocate of DOGE. Additionally, he thinks DOGE is superior to bitcoin for making everyday crypto payments.
Market movers were always Musk's tweets about cryptocurrencies.
The price of DOGE earlier spiked in May when Musk tweeted that his space venture firm SpaceX would soon begin accepting payments in DOGE.
On Saturday, Bloomberg media offered various ideas for how Musk, one of the most important crypto advocates in the world, may increase the amount of bitcoin on Twitter.
Bloomberg claims that Musk has a few options if he decides to take a more active crypto role on Twitter.
Musk has been quite concerned about Twitter bots and spam, which contributed to a lengthy court dispute that placed his takeover of the company in jeopardy. The problem is especially significant in the cryptocurrency industry, where spam accounts pretend to be well-known individuals like Musk in order to spread the word about schemes involving fraudulent cryptocurrency giveaways.
Bloomberg reports that some cryptocurrency fans think Musk may support using blockchain to decrease Twitter bots and verify all real people using social media.
Musk prioritizes freedom of speech and plans to abolish the company's everlasting user bans. Most cryptocurrency supporters committed to the idea of the decentralization espoused by blockchain share these principles.
According to Bloomberg, Musk might introduce a token-based voting system that would give people more control over what happens on Twitter. Additionally, he might integrate more crypto components to Twitter to promote decentralization and the widespread use of digital assets.
In the past, Musk showed love for China's WeChat platform, which can handle things like chat, games, payments, and video streaming. Musk has already declared plans to transform Twitter into a “super app.”
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