What Elon Musk’s Purchase of Twitter Means for Cryptocurrencies

Elon Musk, the CEO of the world's premier electric vehicles company with a net worth north of $265 billion, will now add Twitter Inc (TWTR) to his portfolio. As we all know, on Monday, Twitter accepted Musk's offer to purchase the company for $54.20 per share, or about $44 billion. There are still some regulatory hurdles ahead, as well as a shareholders' vote, but it almost seems certain Twitter will join Musk’s multifaceted empire, which in addition to Tesla includes PayPal (PYPL), SpaceX, The Boring Company, Neuralink and Open AI.

"I invested in Twitter as I believe in its potential to be the platform for free speech around the globe, and I believe free speech is a societal imperative for a functioning democracy," Musk said in a filing at the time. "However, since making my investment I now realize the company will neither thrive nor serve this societal imperative in its current form. Twitter needs to be transformed as a private company."

In a Monday press release, Musk said he wants to make Twitter "better than ever by enhancing the product with new features, making the algorithms open source to increase trust, defeating the spam bots, and authenticating all humans. Twitter has tremendous potential – I look forward to working with the company and the community of users to unlock it."

It’s not surprising that #twittersold is the No. 1 trending topic on Twitter Inc on the afternoon of April 26. Musk is well-known for using Twitter to share his instant moods – which are highly impactful while moving markets and making the world speculate what his next post would be.

Whether for good reason or bad, that certainly means more crypto coverage on Twitter going forward as Musk’s tweets on the topic have been one of the most frequent and media-covered, while his affinity to all sorts of digitalization and decentralization is epic. In general, this is good news for all cryptos, but we know that Bitcoin (BTC), Dogecoin (DOGE) and Shiba Inu (SHIB) will certainly occupy special positions.

Dogecoin, the original meme asset, was based on the 2013 Internet meme doge, a proxy for the inventor’s beloved pet, and was created in the same year. It gained some relevance last year after the Tesla CEO endorsed it and continued hyping the cryptocurrency on social media, at one point hinting that he picked the coin to build an adulthood estate for his son. The meme cryptocurrency jumped as much as about 27% after the announcement that Twitter would be purchased by Elon Musk. Dogecoin was last up 24.3%.

In its turn, Shiba Inu is also doing comparatively well. As in the year 2020, Shib is under the spotlight subsequent to representing as the ‘Dogecoin Killer’ and it became top crypto investment in the year 2021. Here, for some time, SHIB has also outperformed DOGE and also has entered in the list of best 10 crypto currencies. Ethereum whales regularly stake up the SHIB investments for yielding exorbitant profits while the cryptocurrency also hit new highs after the dip dive earlier in winter months. In the year 2021, Shiba Inu also soared by a whopping 45,000,000%. Therefore one should not ignore that once there are more signs of Musk giving air for the token, investors might flock once again to buy SHIB tokens en masse.