By EWN •
Published: 30 Oct 2022 • 11:20
Tesla CEO Elon Musk has recently retracted his statement of not purchasing Twitter and is back on the blue boat. Musk is set to close the $44 billion Twitter deal on Friday, the 28th of October, 2022. The Tesla CEO entered the Twitter HQ carrying a sink with an accurately described tweet, ‘’Entering Twitter HQ – let that sink in!’’ on 26/10/2022.
This huge deal will affect various businesses and areas of life. Still, crypto is one of the most affected areas we currently see. What will this mean for Musk’s alleged favourite form of crypto, the meme coin – Dogecoin (DOGE), Shiba Inu (SHIB) and Big Eyes Coin (BIG)?
As of the past seven days, Dogecoin’s price has increased by a massive 25.85%, as seen on CoinMarketCap. This increase was highly unexpected as the crypto market has been on a downwards spiral since late 2021. However, Dogecoin is one of Musk’s most talked about cryptos. Before mentioning Dogecoin, the cryptocurrency was an ‘underdog’ in every way.
Dogecoin was released in 2013 as a joke. The creators launched it as a funny response to the massive cryptocurrency Bitcoin. Though it took some time, eventually, Dogecoin began to gain popularity and peaked in November 2021. This success can be highly attributed to Musk’s massive presence in the crypto world, so when he consistently mentioned Dogecoin on Twitter, the coin exponentially increased in popularity.
Twitter has an enormous amount of active users sitting at approximately 396.5 Million. Musk could advertise one of his favourite coins on the platform, so the price has surged since the Twitter deal news went viral.
Shiba Inu is a fellow meme coin. The cryptocurrency is the second most popular meme coin on the market currently. Like Dogecoin, Shiba Inu has been using people’s love for ‘man’s best friend’ to gain a following. Utilising a Shiba Inu mascot like Dogecoin, Shiba Inu has risen in the ranks of crypto, with investors from Dogecoin often jumping ship to use Shiba Inu’s Ethereum blockchain instead of Dogecoin’s Bitcoin blockchain.
The Twitter deal has caused Shiba Inu to also jump with an 8.68% increase in price. This increase is as surprising as Dogecoin’s due to the current crypto market climate. However, like Dogecoin. It is attributed to Musk’s Aquiremnet of Twitter.
Like the previously mentioned coins, Big Eyes Coin is also a meme coin – one of Musk’s favourite forms of cryptocurrency. The coin utilises a cat mascot allowing them to appeal to a different meme coin market. With the success of meme coins on the rise and one of meme coins biggest supporters acquiring Twitter very soon, what does this mean for new meme coins like Big Eyes Coin?
Meme coins could possibly be on everyone’s minds soon enough. After the deal, many more people will be aware of a meme version of cryptocurrency if advertised on Twitter. This could be the perfect time for a new meme to come onto the market. Though still in its pre-sale stage, Big Eyes Coin already has a community with almost $9 million raised so far. This number is set only to go up. If released now during meme coin hysteria, Big Eyes Coin may explode and be the next BIG meme coin.
Big Eyes Coin (BIG)
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