DOGE Price Spikes After Musk Proposed Meme Coin As A Twitter Blue Payment Option

Elon Musk, the tech billionaire and CEO of Tesla and SpaceX, has suggested that Dogecoin should be considered an acceptable payment option for Twitter Blue subscribers, which helped boost the price of the world's first-ever dog-themed meme coin.

Musk, currently the biggest shareholder and one of the board of directors of the micro-blogging site Twitter, suggested a plethora of changes to the Twitter Blue premium subscription service Saturday. These include cutting its price, prohibiting advertising and allowing users to pay in Dogecoin.

In a Twitter thread, the world's wealthiest man proposed that "Everyone who signs up for Twitter Blue (i.e., pays $3/month) should get an authentication checkmark," noting that subscribers should get an "authentication checkmark," but different from the verification of public figures and official accounts.

The Tesla CEO also noted that the move would "would massively expand the verified pool & make bot armies too expensive to maintain." Musk said that the authentication checkmark should disappear as soon as the subscription ends, "or scammers will game the system by signing up only for a few months."

Musk, who now owns a 9.2% stake in Twitter, also suggested that the pricing "should be proportionate to affordability & in local currency" and added, "Maybe even an option to pay in Doge?" Investors of the meme coin were delighted by the proposal and, immediately after that DOGE price spiked.

Dogecoin has seen a sustained price increase over the past few days, reaching $0.1772 with a 24-hour volume of $3.80 billion on April 6 after Musk's stake in Twitter trended online, as per data from CoinMarketCap. The price, which had fallen from those peaks, rose again on April 8 ($0.1526) with a 24-hour volume of %1.58 billion, during the Cyber Rodeo in Texas, where the Dogecoin logo was featured in a drone show and after the Tesla CEO mentioned the crypto's mantra, "to the moon."

After his tweet about Dogecoin as a form of payment for Twitter Blue, DOGE's price, which had fallen to a low of $0.1417 following the spike, soared to $0.1514 with a 24-hour volume of $856.69 million. The micro-blogging site introduced Twitter Blue, its first-ever subscription service, in June 2021.

The service comes with exclusive access to premium features and perks, including an undo tweet option, reader mode, and bookmark folders. Twitter Blue is currently available in the U.S., Canada, New Zealand and Australia.

Dogecoin was trading up 3.53% at $0.1481 with a 24-hour volume of $1,986,558,952 as of 8:32 a.m. on April 10, according to the data from CoinMarketCap.