When Elon Musk took over Twitter, a wave of excitement swept the crypto market. The Dogecoin community is optimistic about the potential use of DOGE for payments on services like Twitter subscription services, among others. Meanwhile, Binance founder and CEO Changpeng Zhao wants to reach out to Elon Musk to discuss how they can incorporate Twitter into Web3.
“Elon Musk can use DOGE as a game changer!”
Meme coin has made a spectacular move in the last few days after Elon Musk officially took over Twitter. With the ripple effect, the entire crypto market witnessed a rally last week. As you follow on Kriptokoin.com, Elon Musk has always been a big supporter of DOGE. In this context, he tried to integrate meme-coin into Tesla payments. In May of this year, Musk said that customers can now buy Tesla products with Dogecoin.
Meanwhile, Twitter is receiving criticism for the widespread presence of trolls and bots that Musk is trying to eliminate. Reports suggested that Musk plans to pay $20 a month for the Blue verification mark on Twitter. However, it seems that many people do not want to pay for the Blue verification mark.
‘Content moderation, no problem!’
In this context, the American writer Walter Isaacson says that introducing the subscription fee on Twitter can solve many problems. He notes that this move could result in fewer bots and trolls on the social media platform. Speaking to CNBC, the author emphasizes that it is possible for Twitter to turn into a more civilized and reliable platform.
Walter Isaacson says Musk’s biggest problem is not content management, but his business model. He adds the answer to the question of how to make a business model that really works on Twitter. Over the past few months, Musk has been vocal about the need to address Twitter’s content moderation problem by focusing on Twitter bots. That’s why the author recalls that Musk previously talked about ways to generate subscriber revenue for Twitter. In this context, Isaacson makes the following statement:
When you achieve user verification and a large number of users pay some subscription fee, you have fewer trolls, far fewer bots, and a slightly more civilized and reliable stream of content.
CZ’s plans to integrate Twitter into Web3
Changpeng Zhao (CZ), founder and CEO of Binance, says he’s eager to help Twitter’s new owner, Elon Musk, bring social media into the Web3 era. In an October 31 interview with CNBC’s Squawk Box, CZ talks about the deal in which Binance contributed $500 million to Musk’s acquisition of Twitter. CZ also emphasizes that Twitter supports the acquisition as it is an important platform for entrepreneurship and free speech worldwide. Additionally, he records that he uses Twitter “quite heavily.” In this context, CZ makes the following statement:
We want to make sure that crypto is sitting on the table when it comes to freedom of expression. There are more tactical things as well as we want to help bring Twitter to Web3.
As you follow on Kriptokoin.com, Elon Musk has a strong interest in the crypto money market. Therefore, Binance’s support is no surprise. CZ continues:
Membership fees etc. We want to help solve urgent problems such as It is possible to do this very easily and globally, using cryptocurrencies as a means of payment.
High hopes arose when Elon Musk bought it from Twitter!
According to a recent analysis, Musk is the author of the most liked tweets talking about crypto in recent years. The Dogecoin price had previously soared as a result of Musk’s tweets mentioning it. In the process of Elon Musk’s official takeover of Twitter, DOGE recorded an increase of 115% in a week. Thus, it regained its highest level in 5 months.
In particular, there is an expectation that Musk will use DOGE as a tipping mechanism, similar to the use of Bitcoin (BTC) and Ethereum (ETH) on Twitter. This is because the industry knows how much Elon loves the dog-inspired meme-coin.
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