Elon Musk Might Work on a New Social Media Platform That Will Have Dogecoin

The world’s richest man billionaire Elon Musk is probably willing to take a dive into the world of social media. As per the report from The Independent, Elon Musk wants to start his own social media platform that would support the dog-themed cryptocurrency Dogecoin (DOGE).

Last week, Elon Musk conducted a poll on Twitter asking his 80 Million followers whether if they believe that Twitter adheres to free speech or not.

As per the stats, more than 2 million people had participated in the poll. A staggering 70% voted NO, following which, Musk hinted that it is about time that we have a new social media platform in place.

Setting up the conversation further, Musk asked about what should be done as Twitter fails to adhere to free speech. Given that Twitter serves as the de facto public town square failing to adhere to free speech principles fundamentally undermines democracy. What should be done?” said Musk.

One of the users proposed the idea noting that "One of the best things about Elon Musk either buying Twitter or starting his own platform is you know there would be a Dogecoin tip jar”. Musk also acknowledged this idea in his reply.

As we know, Elon Musk has been one of the biggest proponents of Dogecoin. In fact, his support also helped DOGE to become one of the top ten digital assets in the world by market cap.

Thus, have a DOGE tip on his social media platform won’t be a surprising thing for the tech billionaire. Following the news, the DOW price surged over the last weekend.

On the weekly chart, the DOGE price has surged by a strong 25% moving past $0.15. As of press time, DOGE is trading at $0.14 with a market cap of $19.4 billion.

However, on-chain data also suggests that Dogecoin (DOGE) whales have been on their toes registering a 133% increase in large transactions. These large transaction spikes are associated with increased activity from either institutional players or whales.

Popular crypto trading app Robinhood holds nearly $6 billion worth of Dogecoin on behalf of its customers. This is a staggering 33% of the total DOGE circulating supply.