Dogecoin surges after Musk backs Cuban’s suggestion to use meme coin for Twitter’s bot problem

May 2, 2022

By Anjali Kochhar

Dogecoin, the world’s first-ever dog-themed altcoin, saw a surge in price immediately after Tesla’s Elon Musk backed Dallas Mavericks owner Mark Cuban’s suggestion to use the meme token to solve Twitter’s bot problem.

The proposition got a positive response from many crypto enthusiasts in the industry. Musk said the suggestion was “not a bad idea,” and Dogecoin co-founder Billy Markus said he likes the idea.

As per older stats, DOGE’s price surged 3.79 percent to $0.1342 with a 24-hour volume of $1.13 billion as of 1:34 a.m. ET on Sunday, against the $0.1294 price as of 12:54 a.m. ET on the same day.

Cuban proposed to use the dog-themed altcoin to authenticate humans on Twitter.

“We add an optimistic roll up to Doge Everyone puts up 1 doge for unlimited posts. If anyone contests a post and humans confirm it’s spam, they get the spammer’s Doge. Spammer has to post 100x more Doge If it’s not spam, the contestor loses their Doge. DogeDAO FTW !,” Cuban said in a tweet.

While the idea came as a delight for many Dogecoin holders, a few were skeptical about its viability.

It can be recalled that last month, Musk proposed that those who sign up for Twitter Blue service should pay less than the current $2.99, and the payment should be made in their local currency or using DOGE.

The Tesla CEO previously said he would make improvements to Twitter and described crypto spambots as the “single most annoying problem” on the social media platform.

Dogecoin was trading up 0.10 percent at $0.1312 as of 6.57 a.m. BST on Monday based on the data from CoinMarketCap.

About the author

Anjali Kochhar covers cryptocurrency stories in India as well as globally. Having been in the field of media and journalism for over three years now, she has developed a sharp news sense and works hard to present information that goes beyond the obvious. She is an avid reader and loves writing on a wide range of subjects.

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