This is the wake-up call the bitcoin market has been waiting for. The next few hours will reveal if this is enough to stabilise the price, but there are still many uncertainties surrounding the financial viability of many crypto projects and businesses.
 
On June 19, one of the world's most influential people, Elon Musk, CEO of Tesla Inc., publicly supported the cryptocurrency business and the meme coin [Dogecoin](/coins/doge) in particular. On June 19, Elon Musk tweeted to his almost 99 million followers, "I will continue to support Dogecoin."
After that, a user on an exchange told Musk that if he truly supported Dogecoin, he should buy it. When asked if he was buying the dip, Musk replied, "I am."

## Prices are on the rise again

In the wake of his tweet, the cryptocurrency market saw an immediate surge in trust in cryptocurrencies and a flurry of inquiries regarding the long-term viability of numerous projects and businesses.

Data firm [CoinGecko](https://www.coingecko.com/) reports that Dogecoin, which was trading at $0.052307 per minute before Musk's post, is now trading at $0.058037 per minute, an 8 percent increase. They were followed closely by other coins' values. At $19,735.89 as of this writing, Bitcoin is up 4.4 percent in the last hour, making it the most popular cryptocurrency.

Shortly before Elon Musk's tweet, Bitcoin had fallen to a low of $17,677.43 before rising to a high of $18,290.75. Market capitalization leader Ether has gained 6.5% in the last hour to $1,058.60. Last week, Ethereum's native token was trading at $881, its lowest since 2021.
Just over 55% of the crypto market value is held by Ether and Bitcoin, and this fluctuates based on pricing. In the last hour, the total cryptocurrency market value increased by 3.7% to $972 billion.

After a spate of losses, crypto investors appear to be taking a break. Bitcoin's value has dropped by 30.1 percent, while Ethereum's value has dropped by 30.8 percent in the last seven days. 

 


Elon Musk claims to be buying the Bitcoin dip

Elon Musk, the CEO of Tesla and SpaceX, was sued for $258 billion by a [Dogecoin](/coins/doge) investor on Thursday, alleging him of operating a pyramid scheme to support the cryptocurrency.
 
Plaintiff Keith Johnson filed a case in federal court in Manhattan accusing Musk, electric vehicle firm Tesla Inc, and space tourism company SpaceX of racketeering for promoting Dogecoin and pushing up its price, only to see it plummet.
 
## Plaintiff Keith Johnson's Statement

"Defendants were aware since 2019 that Dogecoin had no value yet promoted Dogecoin to profit from its trading," 

"Musk used his pedestal as World's Richest man to operate and manipulate the Dogecoin Pyramid Scheme for profit, exposure and amusement."
 
According to the complaint, Warren Buffett, Bill Gates, and others have [questioned the worth of Bitcoin](https://news.sky.com/story/elon-musk-sued-for-258bn-over-claims-he-ran-a-pyramid-scheme-to-promote-dogecoin-12635334). Tesla, SpaceX, and Musk's lawyer did not immediately respond to the request for comment.

Johnson's lawyer did not reply to requests for comment on what proof his client has or expects to have that indicates the dog focused meme coins worthless, and the defendants conducted a pyramid scheme.

Johnson is claiming $86 billion in damages, which he claims represents the fall in Dogecoin's market value since May 2021 and wants it tripled. He also demanded Elon Musk and his firms be barred from marketing Dogecoin, and a judge to decide that trading Dogecoin is illegal under federal and New York law.

According to the lawsuit, the selloff of Dogecoin began around the time Musk presented the NBC show ‘Saturday Night Live’ and, playing a fictitious financial expert on a ‘Weekend Update’ segment, called cryptocurrency "a hustle." Tesla said in February 2021 that it had purchased $1.5 billion in bitcoin and had temporarily accepted it as payment for vehicles.

Dogecoin was trading at around 5.8 cents on Thursday, down from its top of almost 74 cents in May 2021.




Elon Musk Dogecoin debacle: The ‘Dogefather’ sued for $258bn 

Could you spend Elon Musk's money if you had it? And what would you spend it on?

For some, well, not all; it's no news that Elon is known for making bold investments in various industries, like automobiles, crypto, space exploration, etc.

Considering how wealthy he has been over the last decades, this is no surprise - earning a massive amount of money off his investments and being the world's richest man with well over $200 billion in net worth.

Elon holds a significant interest in three important companies; Tesla, SpaceX, and Twitter. The business magnate spent a whopping $2.89 billion purchasing a 9.2% stake in Twitter, which, in turn, made him the company's largest shareholder.

Elon is known for bold purchases and wise investments, and Twitter shares surged about 27% right after the purchase.
 
## Elon Musk's Best Investments To Date

Over time, Musk has invested in Tesla, PayPal, SpaceX, and DeepMind Technologies, which became successful companies.

### Tesla

Even though he wasn't a founding member of Tesla, he was among those who led an early round of financing the company back in 2004. And in 2008, he became the CEO of the company. Today Tesla is a significant EV manufacturer and the largest EV company by sales and market share.
PayPal
 
Musk founded X.com with others and that ended up being PayPal in 2001. When the owners sold PayPal to eBay in 2002, Musk, who with an 11.7% stake was the company's largest shareholder, received more than $150 million.
 
### SpaceX
 
In 2002, Elon founded SpaceX with a mission to innovate on space technology and a primary aim of taking humans to Mars. Pretty lofty goals, right? Since its inception, Elon has helped the company take on significant space projects; in 2021, NASA awarded SpaceX a contract to haul astronauts to the lunar orbit of the moon's surface in its Starship vehicles. 

## How Would You Spend Elon Musk Money
 
Considering how wealthy Elon is, being the richest man on Earth, you must have thought: 'How would I spend Elon Musk's money?'. Here are some ideas:

## Buy Bitcoin in Large Amounts
 
If you're keen on investing like Elon or just looking for ways to spend your money reasonably, you can purchase and hold Bitcoin in large amounts. Yes, it's a wise decision; in the past and present times, famous business magnates have evangelized the importance of owning Bitcoin. 

Why? Because it might just be the next big thing in finance, if it isn't already.
 
## Start or Invest in a Company You Love
 
Everyone is passionate about something. If that's you, then spending money on starting a company of your liking isn't such a bad idea. It's easier said than done, but what are the odds of losing if you try? You get to do what you love and start something you're passionate about that could lead to something big.

## Final Thoughts

Suppose you have well over a billion dollars. In that case, you can invest in companies, companies that you love their products oh so much, and, more so, companies that have the potential to innovate or change an industry constantly over time.

Do you love Apple products or Tesla cars? Investing in Tesla and Apple is a perfect way to spend your money wisely without worrying over significant losses.


 
 
 
 
 
 
 



Spend Elon Musk Money? How Would You Spend Billions?

It launched as a meme coin with the slogan "to the moon". [Dogecoin](/coins/doge) could now be heading into space for real.

DOGE-1, a 40-kilogram cube satellite that will fly as a payload on a Falcon 9 rocket, was unveiled on Sunday by Geometric Energy Corporation.  

DOGE-1 is a satellite that will be launched on a SpaceX Falcon 9 rocket and will circle the moon to "collect lunar-spatial intelligence via onboard sensors and cameras with integrated communications and computing capabilities."

According to the news statement, Dogecoin is advanced enough to fund a commercial moon expedition fully and will be used for all lunar transactions between the two firms.

This expedition will demonstrate the usage of cryptocurrencies in space and build the framework for interplanetary commerce, according to SpaceX Vice President of Commercial Sales Tom Ochinero in a statement published by Geometric Energy.

## Social Media Hints

There was a lot of "moon Dogecoin" chatter after hints on social media.

The journey, scheduled for the first quarter of 2022, follows Elon Musk's 1 April statement pledging to place Dogecoin "on the literal moon". Not everyone initially took it seriously as he tweeted about it on April Fool's Day. Musk added, "SpaceX is going to put a literal Dogecoin on the literal moon." In cryptocurrency parlance, this is known as "shilling" – the practice of constantly promoting a specific coin to increase its price. He said that the expedition would be paid for in DOGE and that it would be the "first crypto in space". However, the quantity of Dogecoin involved in the transaction with SpaceX was not revealed.

## Musk Refers to Dogecoin as a 'Hustle'

It happened when the price of Dogecoin fell further after the technology mogul claimed on television that it was a "hustle." On Sunday, Dogecoin dropped more than a third of its value when Mr. Musk referred to it as a "hustle" while presenting the Saturday Night Live comedy sketch television show. Mr. Musk's recent comments on the voyage to the moon have aided in transforming the once-obscure digital currency into the world's fourth-largest cryptocurrency. 

According to cryptocurrency data tracker [CoinGecko.com](https://www.coingecko.com/), it has increased by more than 800% in the previous month, with a total market value of more than $70 billion. In May 2018, Musk told reporters, "It's intended to do 10 or more flights with no refurbishment between each trip.

"We believe the [Falcon 9] boosters can fly at least 100 times before being decommissioned."

However, the moon Dogecoin mission is still taking shape, and it is presently planned to be orbital.

According to a Geometric news statement, the mission will launch an 88-pound (40-kilogram) CubeSat (appropriately named Doge-1) on a mission to acquire "lunar-spatial intelligence... with integrated communications and computational capabilities." The cargo will also include video surveillance, the specifics of which are unknown. It is likely to include sensors and cameras. 

In the opinion of Geometric CEO Samuel Reid, the transaction solidified DOGE as a unit of account for lunar business in the space industry. The organisation also promised to do all future missions in Dogecoin, citing rewards such as its security and the ability to conduct transactions even after business hours.  

## A Difficult Week for DOGE

Despite all the wonderful news and enthusiasm, Dogecoin has had a difficult week. Its value has fluctuated for various causes, but Elon Musk has been at the centre of it all. Overall, the cryptocurrency has returned about 10,000% this month and rebounded late Sunday evening after a huge drop on Saturday following Musk's SNL appearance.

Dogecoin's position in terms of real-world utility has recently solidified. AMC Theatres in North America confirmed last month that crypto payments could be made using Dogecoin.

The ascension of Dogecoin to the moon will mark a new milestone in the crypto realm. SpaceX, as a pioneer in private space exploration, is continuously creating precedents for humanity's future in space, whether purposefully or unintentionally.


















To the Moon: Dogecoin into Space

If you want to know the best cryptocurrency to invest in, should you really ask a celebrity?

The popularity of cryptocurrencies has seen many celebrities embrace them. Some celebrities choose only to promote the coins, while others have taken the bold step of investing in the coins.

Matt Damon, Reese Witherspoon, and Kim Kardashian are a few celebrities promoting different cryptocurrencies. Floyd Mayweather, Kanye West, and Paris Hilton are some celebrities who have already invested in various cryptocurrencies.

## Celebrities in the Crypto Market

Celebrities, like everyone, are allowed to invest in whichever asset they wish. However, their involvement in the crypto space has solicited different reactions from different people.

Some people believe celebrities’ involvement in the crypto market is good. They can help grow the market by influencing people to join it. 

Other people look at celebrities in the crypto space as bad, especially those only promoting the coins and not investing in them.

Using their popularity and influence, celebs and social media influencers can easily mislead their fans into investing in the wrong cryptocurrency.

For example, [according to a lawsuit filed in California](https://www.cbsnews.com/news/cryptocurrency-kim-kardashian-celebrity-pump-dump-lawsuit/#:~:text=Celebrities%20Kim%20Kardashian%2C%20former%20NBA%20star%20Paul%20Pierce,for%20themselves%2C%20a%20lawsuit%20filed%20in%20California%20alleges.), Kim Kardashian, Floyd Mayweather, and former NBA star Paul Piece are celebrities accused of using their fame to promote a little-known cryptocurrency called EthereumMax as part of a large scheme to defraud investors while profiting.

## Celebrities Influencing Crypto Investment

Elon Musk is known for influencing the crypto market with a single tweet. He is best known for influencing the price movements of [Dogecoin](/coins/doge) and [Bitcoin](/coins/btc).

He tweeted on February 4, 2021: "Dogecoin is the people's crypto". The tweet increased Dogecoin's price by 10% within an hour and 50% within a day.

On April 28, 2021, Elon tweeted: "The Dogefather." The tweet, alongside the endorsement of billionaire investor Mark Cuban, increased Dogecoin prices by 30%.

In the case of Bitcoin, in March 2021, Elon tweeted: "You can now buy a Tesla with Bitcoin". The tweet enabled Bitcoin to reach nearly $65,000 within a month. In June 2021, Elon tweeted that he had fallen out of love with Bitcoin. The tweet sent Bitcoin price plummeting by 4%.

Even in 2022, Elon Musk's tweets continue to affect the crypto market. Because of his influence, many people await his tweets to make crypto investment moves.

Gwyneth Paltrow, Paris Hilton, Mike Tyson, and Tom Brady are other celebrities who have tweeted promoting various cryptocurrencies.

## Fake Celebrity Endorsement

Scammers have also taken advantage of the increase of celebrities in the crypto market. Some scammers use celebrity images and names to promote fake coins to unsuspecting people.

Before clicking on that pop-up ad, it's always best to do further research to know if the celebrity on the ad promotes the cryptocurrency or crypto platform.

Facebook is currently in trouble for allowing fake celebrity endorsement posts using pictures of TV stars to promote crypto scams. A lawsuit against Meta, Facebook's parent company, claims the company was aware of the fake ads but didn't take any action.

## Conclusion

Celebrity involvement in the crypto space has its pros and cons. However, a celebrity endorsement of a particular cryptocurrency should never be why you invest in the coin. The best cryptocurrency for you to choose to invest in is one you've researched and are confident about.
 
 
 
 
 



Best Cryptocurrency to Invest In?

Where did Elongate crypto come from? If you use Twitter often, you will notice that meme coins gained a rise in public attention, which gave rise to more meme coins coming out.

## The cause: Elon Musk and his love for Dogecoin.

The [Tesla](https://www.tesla.com/) and [SpaceX](https://www.spacex.com/) billionaire frequently shared his thoughts, memes, and use cases for [Dogecoin](/coins/doge) and the Shiba Inu coin. This allowed the billionaire to elevate meme coins to more than just internet and crypto jokes, telling the world that they can be used for purchasing really valuable things, like a Tesla.

Now, Elon Musk's service to the crypto and meme coin community inspired a certain Lorenzo Andree to startup the Elongate coin with a group of others, following a tweet the Tesla founder made in March 2021.

The rest, as they say, is history. Elongate has long moved on into being a project with a purpose; aiming to fight world hunger and climate change, which frankly is an incredibly idealistic approach to giving a crypto project relevance, especially when you place it in comparison with the likes of Bonfire [attach link to the Bonfire article here].

Since launching in March of 2021, it has donated more than 60% of its periodic profits to charitable causes, all of which are voted on by the decentralised autonomous community.

Even without much poking into the mode of operations for Elongate, one can tell that the coin has found great use cases. It has slowly become a model figure for successful meme coins in the crypto community.

Powered by the Binance Smart Chain, it makes a profit on its coin by taking a percentage of transactions carried out as fees, using it to reward holders, storing 60% of it, and then voting on what charitable causes get to enjoy the goodwill of crypto people.

This has made individuals who trade the coin feel a sense of attachment, knowing that the cost of doing business with that coin is going into a charitable cause somewhere in the world.

With more than 400,000 holders, even though the coin is worth a fraction of a cent, we see there is tremendous potential.

If you take a look at this prediction by Digitalcoin and place it side by side with the work they are doing plus the way they operate and the blockchain they are built on, you will see that in the nearest decade, it could be one of the most valuable coins around in the crypto market.

While many may be skeptical about its inception, growth, current market value, and future, it is worth noting that nothing is really ever a joke when a purpose is given to it in the crypto space. Citing the initial example of Dogecoins and Tesla's, one can begin to see possibilities in how crypto can not just be a part of our lives outside the internet, but also significantly impact it.


Elongate Crypto: When a Meme's Not a Joke

Sometimes a crypto crash wipes out wealth so severely.

Despite the well-known volatility of cryptocurrencies, investors do not seem deterred. Crypto can have big days when values soar. And there can be big days where prices go the wrong way.

When values plummet, it's hard to be prepared. A crypto crash is uncertain; nobody knows the exact time when it will happen.
But what causes a crypto crash?

## Cryptocurrency Security

Network security is a factor that could spark a crypto crash. Security flaws in any blockchain can cause concern among the public and regulators, impacting on the value of coins and tokens on that network. The value of crypto is driven by investors' interests; fear, uncertainty, and doubt can lead to a crypto crash.

## Volatility in the Cryptocurrency Market

When investors liquidate high volumes of a digital asset, crypto markets witness volatility. While this can hurt some investors, there are others watching for, or perhaps contributing to, such a situation. Others drive up prices and over-inflate the value of certain coins and tokens, again contributing to volatility. Both have contributed to crypto crash scenarios, when prices are deliberately forced down or plummet when the hype dies. 

## Cryptocurrency Regulation

China banned crypto mining in 2021. This move, positioned as regulation, saw cryptocurrency values decline as the hash rate slowed.
This is a single example, but demonstrates how regulation can contribute to a crypto crash.

## Crypto Influencers

This is an extension of the volatility explanation, but is specifically referencing those who use their platforms to shift prices, deliberately or not.

For example, when Elon Musk tweeted his support for [Dogecoin](/coins/doge), the value soared. When he criticised other cryptocurrencies, their values fell.

## The Stock Market

Although seen as distinct, there is a correlation between activity on old-fashioned stock markets and the new crypto exchanges.
There is so much that can impact a market value, this is inevitable. If taxes go up in a country, or financial regulation is tightened, or inflation and cost of living explode, both types of market will be impacted similarly.
 
 



Reasons for a Crypto Crash Examined

There are many influencers within the crypto space. Some use their followers for personal gain and some are more reliable. None are bigger and have more impact than that of Elon Musk. It should come as no surprise as [Elon Musk's Twitter](https://twitter.com/elonmusk) account has amassed a staggering 81 million followers.

Along with promoting his businesses, such as Tesla, SpaceX, and The Boring Company, Elon Musk Twitter also occasionally comments on the happenings within the crypto community. In April of last year, Elon's Twitter saw many tweets coming from the man himself promoting and posting memes about a meme coin called [Doge](/coins/doge). This activity from Mr. Musk's Twitter brought much awareness to the coin. Its value went from 5 cents per coin to an incredible 73 cents over the span of only a month. 

## Elon Musk and Dogecoin

At the time of writing, the top holder has an enormous 22.59% of the entire supply of Dogecoin. This information produces some unanswerable questions. Is the top holder Elon Musk and is he promoting the coin for the love of crypto and memes, or is it to make a financial gain off the back of his followers?

Dogecoin is not the only crypto Elon has talked about on his Twitter. He's also spoken dozens of times about Bitcoin, the mother of all crypto coins. At one point, Musk was accepting crypto as payment for his electric automobile company Tesla, so it makes sense why he would often talk about crypto. Like many other people, he wants more people to buy into it to increase the value per coin.

## Musk, McDonald's & the Crypto Community

Elon Musk's Twitter is such a staple within the crypto community that when Elon Tweets something, whatever words he uses in the Tweet get turned into a crypto coin, occasionally amassing up to millions of dollars’ worth in market cap. Until recently, Elon's Twitter was the only account people would create coins based on Tweets. This changed on January 25, 2022, when Elon tweeted at McDonald's, saying: 'I will eat a Happy Meal on TV if @McDonalds accepts Dogecoin.' This provoked McDonald's into replying with 'only if @tesla accepts grimacecoin'. 

Grimace coincides with Ronald McDonald within the McDonald's universe. He was first introduced in a TV commercial back in 1972. This crossover of Elon, McDonald's, and the crypto community saw many new tokens created that night called Grimace Coin. Only one survived the night and continued to make a run up to $12 million in market cap over the next four days.
 
Elon Musk's Twitter is now firmly set in stone to be a staple of the crypto community. It would take a major event to reduce his impact to nothing. Whether it's a good or bad thing that he has this much impact, we can all agree that it is very intriguing to see what will come from his Twitter antics next.


How Elon Musk’s Twitter Account is So Influential

Can an Elon Musk tweet really impact the value of cryptocurrency? Short answer, yes.

In financial markets, valuations are usually primarily driven by fundamentals such as company-specific DCF, FCF, and multiples analyses. That said, in the short term, markets are often irrational, deviating from fundamentals, and can stay that way for longer than investors can remain solvent, yet they always correct themselves. In contrast, what moves prices in the crypto market? Is it the greater fool's theory or the information content effect of news?

It is a decentralised industry fuelled by a desire to remove the middleman. To democratise payments and credit while removing the ability of one party to influence the market. However, it seems like sway is still driving valuations.

It is well documented that social media and celebrity endorsements have been potent tools to move crypto prices. Of these, there is one with a particularly strong grip over the market, Elon Musk.

## The Elon Effect

To put Elon’s influence on the crypto market into perspective, when he expressed his interest in Dogecoin in February last year, he single-handedly pushed up market prices by approximately 50%. Subsequently, when he announced [Tesla](https://www.tesla.com/) would start accepting Dogecoin for a limited category of merch, the currency further appreciated by an estimated 43%.

If this wasn't enough proof, the entrepreneur has also profited from his tweets and crypto trading. He mocked [Bitcoin](/coins/btc) for years, comparing it to fiat currencies. Yet, last year Tesla announced a $1.5 billion investment into the currency, which sent its valuation soaring by 20%. Tesla later announced it would accept BTC payments, sold off part of its Bitcoin holdings, and then canceled accepting BTC payments, which depressed the price by an approximate 12% on the day.

## Is it Market Manipulation?

Under UK regulations, market manipulation is illegal and can be approached by civil and criminal regimes. Both routes would refer to statements and actions attempting to manipulate market sentiment and, thus, influence prices. Some experts in securities law argue that Elon's disruptive behavior towards crypto exchanges could be perceived as market manipulation. Many others are not convinced. Regardless, he has been warned off tweeting on subjects that could sway markets and was fined $20 million by the SEC. Yet, it doesn't seem like his influence has faded one bit in the eyes of investors.

## Implications for the Entire Crypto Market

Individuals like Elon Musk having so much influence in the crypto community has been a concern for the SEC and regulators in the US for years. However, it was when traditional investors started losing their savings over these indicators that introducing more stringent regulations became a hot topic. Hester M. Peirce, a pro-crypto commissioner with the SEC, has proposed an alternative solution – providing more clarity governing the crypto market to avoid losing talent and innovators to countries with laxer policies over crypto.

As regulators try to introduce further protections for crypto holders, it will be interesting to observe what other factors prove to drive valuations in the market.


An Elon Musk Tweet Can Move Markets

Tyler Winklevoss, a US investor and the co-founder of Winklevoss Capital Management and Gemini cryptocurrency exchange, called the Twitter culture "toxic" after the social network-residing community called out Tesla's owner Elon Musk for becoming its biggest individual shareholder.

Winklevoss said the resistance inside Twitter to Musk's attempt to ensure that it is a platform for free speech has been “alarming”. 

“These people are committed to Soviet-style censorship. Their beliefs and ideology are patently un-American. It's time to clean the Augean stables,” he wrote.
Winklevoss was optimistic about this acquisition even when it seemed like one of Musk's jokes. He warned that the Twitter community would see in a short time how malevolent and politically directed the "shadow banning" and algorithms were and how dangerous this all was for the democracy in total.

## Breaking Corruption Between Big Tech and Media

However, he called out the big tech saying that this buyout will finally break the corrupted circle between tech behemoths and the corporate media once Musk restarts Twitter. Winklevoss also commented that Twitter stock has been flat for many years, and now, Musk has come to change this. He called Musk the "most proven and successful entrepreneur in the world" and added that this is a great time for free speakers.

Tyler is also known to be a prominent opponent of Biden’s plan to make massive investments in America’s social safety net. He recently contributed a maximum legal amount to the conservative democratic senator Krysten Sinema who demanded cuts to bring down the cost of the $3.5 trillion plan.

Together with his twin brother Cameron, Tyler is believed to be the first Bitcoin billionaire. 

The brothers are known for giving money to numerous cryptocurrency and blockchain-related businesses, Gemini exchange being one of them. Apart from Bitcoin, he is also one of the most agile Ethereum investors. Brothers stated together that they own 1% of all Bitcoin in circulation.

## Gemini Partners with Mastercard

Recently, [Winklevoss](https://twitter.com/tyler/status/1518612871239843840) announced that Gemini has partnered with Mastercard and WebBank to launch the Gemini Credit Card that brings DeFi together with the traditional financial system (TradFi). 

Tyler founded Gemini back in 2014, making it one of the most successful digital currency exchanges and custodians that allows customers to buy, sell, and store digital assets. It is a New York trust company regulated by the SEC.

The Winklevoss brothers featured in the film 'The Social Network', about the origins of Facebook. This film suggested that the original idea of Facebook was theirs. While students at Harvard at the same time as Mark Zuckerberg, Tyler and Cameron approached him to develop their social network project, ConnectU. Zuckerberg went on to create Facebook.

In August 2012, they purchased $11 million worth of [Bitcoin](/coins/btc). At that time, Bitcoin wasn't even worth $10.

Now the Winklevoss twins own at least 150,000 BTC. This makes a fortune in Bitcoin of over $6.255 billion. Potentially in the future, that can make them as rich, and possibly even richer, than Mark Zuckerberg.


Tyler Winklevoss Congratulates Musk on Acquiring Twitter

You've all heard of Elon Musk's [Starlink](https://www.starlink.com/). However, you probably haven’t heard of WMT, but you may soon become a user of the network it supports.

WMT stands for World Mobile Token, and it is how the [World Mobile Group](https://worldmobile.io/) is trying to incentivize people to become stakeholders and nodes in its platform to support a global expansion of its telecommunications infrastructure while grabbing a share in the world's $1 trillion telecom industry. The network is based on the sharing economy; as it grows, so do your returns. Currently, node operators own around 30% of the 200 million tokens already put into circulation.

## The Do-Good Telecom Challenger

The World Mobile Group was created with one purpose – to bridge the world's digital divide.

While the West spearheads research and development in technology and science, with billions pouring in investments every year, the benefits remain concentrated in these countries. This further widens the divide with developing countries for which these technologies often fall out of reach with prohibitively expensive barriers to overcome. This leaves almost half the world's population without access to the internet.

Telecommunications infrastructure continues to remain expensive such that companies in this space would rather focus on developed markets, wealthy regions, and those easy to connect, but what about developing countries? What about remote areas? World Mobile has proposed an alternative – it has developed the first mobile network built on blockchain and owned by the people. Anyone can sign up to become a node to secure the network for billions of people and earn cryptocurrency, WMT. The network currently targets regions in Africa where internet access is notoriously low and gives users often marginalised by the traditional financial industry for lack of government id, a digital id they can use to unlock DeFi solutions.

## Why would they succeed where Alphabet’s Loon balloons failed?

The Loon project never succeeded in getting costs low enough. However, the world's population still without reliable access to the internet remains a lucrative potential market that has also attracted Elon Musk's attention. He developed his own solution to this problem – Starlink. While the project proved successful in expanding internet access, recently to Ukraine as Elon confirmed on Twitter,  it still focuses on the US and Canada. 

The $500 upfront fee and monthly $99 charge make it unaffordable to the masses. World Mobile's blockchain network removes that problem, and its token brings back economic opportunities to the target group and democratises the internet and communications.

To make it even better, the network runs on renewable solar energy, and the company is committed to decarbonizing and operating sustainably. This is a giant leap forward considering the vast computing power blockchain requires to solve increasingly complex problems. It's reported that the energy exhausted to keep [Bitcoin](/coins/btc) running is roughly equal to the annual energy use of Sweden. As we transition towards a green economy, this network is perfectly positioned for growth.
 



An Elon Musk Starlink Alternative? 

After news broke that Elon Musk is buying Twitter for $44 billion, Twitter users greet the new owner in their own language – memes!

Elon Musk has more than 52 million followers on Twitter, where he called memes “[modern art](https://twitter.com/elonmusk/status/1194814381311381504)”. He also shares visual jokes regularly on his account and enjoys criticism and support in the form of visual gags.

## What Elon Musk Says About Memes

"Who controls the memes controls the universe," Mr. Musk tweeted last summer. Although he doesn't make visual jokes himself, he finds them online and reposts his favorites without citing their origins. However, many content creators argue memes are valuable intellectual property and criticise Elon Musk for not giving the credits.

It's not uncommon to see this practice where many people on the internet share other people's memes without giving credit, partly because memes rely on reinterpretations of joke formats. Most of the time, it's not really clear where the content first begins.

## Elon Musk Memes: Trending

Besides the content creators, many notable personalities have also contributed to the "Elon Musk memes" trend. For instance, Marc Andreesen, the venture capitalist and co-author of the first widely used web browser, has shared jokes about Mr. Musk buying Twitter. Even the Financial Times also contributed to the recent meme trend.

## Elon Musk buys Twitter, Sending Dogecoin Price to the Moon

Dogecoin climbed 30% after the "Elon Musk memes" trend sparked by his Twitter acquisition plan. While there's no direct correlation between Dogecoin price and the recent deal, the tech entrepreneur has hinted about introducing [DOGE](/coins/doge) payments on the social media platform. Many investors are bullish on the prospect of DOGE's higher utility, sending the meme coin's price to the Moon.

## What’s Next After Twitter Takeover?

After announcing the deal, Elon Musk, one of Twitter's most popular personalities, said free speech is the "bedrock" of democracy and that Twitter is the digital "town square". He also showed the desire to enhance some features, make the algorithm open source to improve trust, defeat the spambots, and remove the fake accounts.

## The Fate of Banned Accounts

Since Musk describes himself as a "free speech absolutist", the question of which banned account to reinstate has become apparent for Twitter users.

Some say it could be the account of the former US president, Donald Trump, who was permanently banned shortly after the Capitol riot in January 2021. Twitter said this was due to the risk of "further incitement of violence".
On the other hand, Elon Musk said he would be very cautious with permanent bans on Twitter and prefer a timeout system.

## Revenue and Ads

Twitter investors were concerned with the company's slow growth in revenue and users. Elon Musk raised the possibility of getting rid of advertisements from the platform's premium service to improve user experience. On the other hand, 90% of Twitter's annual revenue comes from advertising, making the proposal look radical.

## What More?

Other possible changes could be related to management and features, like post insights or an edit button. Musk expressed his concerns about how the company runs, but he wasn’t the first Twitter shareholder to think so. He also said that Twitter users should be able to see how well their post has been performing. A possible edit button might also be on its way for the users. This speculation came after he flagged the possibility of introducing the feature.
In response to the recent takeover and possible aftermaths, here are some Elon Musk memes:

Douglas Boneparth, the president of the Bone Fide Wealth, joked, "Sex is cool, but have you ever paid $44 billion for an edit button?".

Others also took the opportunity to tease Elon Musk with memes.

Some users tweeted a meme saying, "Elon Musk spending $43 billion to stop getting bullied on Twitter when he could've simply been less annoying is insane".



Elon Musk Memes Flood Twitter

Tesla CEO, Elon Musk, recently asked his Twitter followers whether or not he should sell 10% of his stocks shares in the company.

Tesla became the first car company in the market to be worth more than $1 trillion in the past year. This may be a good opportunity for investors with potentially high returns, as the company has shown previously.

## Musk Has $3.6 billion in Shares

Tesla shares are now around $363.54, meaning Musk's shares in the company are worth something in the ballpark of $3.6 billion. When you compare that to his net worth outside of Tesla it seems like nothing. He is currently estimated to be worth over $20 billion (via [Bloomberg](https://www.bloomberg.com/europe)).

Musk ran a poll on Twitter that gave people the chance to vote for their decision. He tweeted: **"Much is made lately of unrealized gains being a means of tax avoidance, so I propose selling 10% of my Tesla stock. Do you support this?"**

The results showed that 57.9% voted yes- he should sell 10% of his Tesla stock. In total, around 3.5 million followers voted.



Will Elon Musk Sell £21bn of Tesla Stocks?

In a recent tweet, Elon Musk has called Dogecoin (DOGE) the 'people's crypto'.

Elon Musk [tweeted](https://twitter.com/elonmusk/status/1452348126753349640): "That’s why I decided to support Doge – it felt like the people’s crypto." The meme coin has seen an increase in popularity recently as Musk has shown his support for the coin publicly. However, Dogecoin is still around 63% away from its lifetime peak despite Musk's attempts to send the meme coin soaring.

## SHIB Competes with DOGE

Competing meme coin, Shiba Inu (SHIB) has recently skyrocketed over 500% and has recently taken the lead ahead of Dogecoin. Elon Musk took to Twitter to say that he isn't holding any SHIB, only DOGE. Shiba Inu [tweeted](https://twitter.com/ShibaInuHodler/status/1452313323261861891?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1452332435266576395%7Ctwgr%5E%7Ctwcon%5Es2_&ref_url=https%3A%2F%2Fu.today%2Felon-musk-calls-dogecoin-peoples-crypto-rejects-shiba-inu) 'Hey [@elonmusk](https://twitter.com/elonmusk) How Much [Shib](https://twitter.com/search?q=%24Shib&src=cashtag_click) You Are Holding!' to which the businessman replied 'None'.

## Puppy Post Boosts SHIB

Musk shared an image of his puppy a few days ago which helped to boost SHIB up the market ranks, but after he has admitted not owning any SHIB, the meme coin is reportedly down 15%.

Dogecoin has been struggling to keep up with Shiba Inu, but is now up 12% in the last week thanks to Musk's tweet.

Find out more about [Dogecoin](/coins/doge)

Doge is the 'people's crypto'- Elon Musk

It's time to talk crypto gaming.

Elon Musk once famously said, “Paper money is going away.”

Alluding to cryptocurrency, Musk suggested that “Crypto is a far better way to transfer value than pieces of paper, that’s for sure.” Musk’s prediction seems to be coming true, as crypto is becoming a very popular currency form to not only invest in but also to use in a variety of things.

It’s known that includes a wide range from the famous bitcoin pizza all the way to purchased real estate... and fund a player’s online gaming wallet?

No, not video games. Gaming, as in casino games that offer various options to WAGER in.

Yes, Crypto has made its way into Gambling.

## Gambling and Crypto

In 2020, many businesses including land-based casinos saw a temporary halt to their operations due to COVID-19. During that time, online gaming and cryptocurrencies rose in popularity. The global online gaming revenue hit approximately $66 billion in 2020—an increase of $8 billion when compared to 2019. 

But this isn't a new thing- gambling and crypto have a history together.

Cloudbet Casino is a well-known crypto casino site, which has been running since 2013. They offer a nice crypto welcome promotion for new players that consists of a 100% match deposit of up to 5 BTC/BHC/ETH/PAXG, depending on the cryptocurrency in use.

MBit Casino is an online gambling venue that went live in 2014. It's a strictly crypto-only casino that supports [BTC](/coins/btc), BCH, ETH, DOGE, USDT, and LTC. So far, crypto gamers can enjoy over 900 bitcoin games, spread in multiple game categories.

## Keeping Up With Demand

Keeping up with new technology and consumer demands, cryptocurrencies offer a variety of benefits to players and operators.

It’s a lot cheaper for gaming operators to process cryptocurrency payments compared to processing payments made with fiat currencies, resulting in operators offering better bonuses and promotions on crypto gaming platforms which leads to player acquisition and retention.

Another important aspect of cryptocurrency is transparency. Eliminating fraud and ensuring fairness is a top priority for gaming operators. A safe and secure gaming platform is a very attractive component for players looking to join online casinos- and trust them.

Also, players using certain cryptocurrencies can benefit from a high level of anonymity. Cryptos such as Monero are highly preferred due to their private and anonymous nature. According to TKEY, “Crypto players using XMR \[Monero\] can be sure that no third party will get access to their personal data and know about their gains and losses.”

## Personal Data Issues

Recently the protection of personal data has become an extremely important part of many industries. So when gaming operators include cryptos such as Monero, it helps build trust between the player and operator—resulting in more business.

The crypto-gaming space still faces many hurdles such as transaction speeds, regulations, and value fluctuation. These obstacles will take time to tackle as crypto and blockchain are a new and evolving technology.

Many payment processing companies have started adding pay-in and payout support for cryptocurrencies—indicating a growing interest in digital currency in the retail, travel, and software space. Will cryptocurrencies stay pertinent for the online gaming industry?

Only time will tell. Please place your bets.

Place Your Crypto Bets!

Regulation in the US will not destroy cryptocurrency, but it could slow development. That was the warning given by Tesla boss Elon Musk this week.

Speaking at the Code Conference in California, Musk suggested the US Government should avoid regulating crypto markets.

He said: ‘It is not possible to, I think, destroy crypto, but it is possible for governments to slow down its advancement.’

Directly asked whether the US Government should actively regulate the crypto industry, Musk said: ‘I would say, “Do nothing”.’

Musk has publicly supported some digital coins is positive about the part crypto will play in addressing issues with traditional financial systems. At the Code Conference, however, he accepted the impact of cryptocurrency has limits.

He said: ‘I wouldn’t say that I’m a massive cryptocurrency expert. I think there’s some value in cryptocurrency, but I wouldn’t say it’s the second coming of the Messiah.’

## Power Shortages

During the interview, Musk addresses recent developments in crypto mining and regulation in China.

Tougher measures to crack down on cryptocurrency trading, including stronger systems to monitor crypto transactions, have been outlined by China’s central bank.

Musk believes the move is power-related, but electrical, not political.

He said the crackdown was due to the country’s ‘significant electricity generation issues’.

Musk added: ‘Part of it may actually be due to electricity shortages in many parts of China. A lot of South China right now is having random power outages, because the power demand is higher than expected.

‘Crypto mining might be playing a role in that.’

However, he acknowledges the Chinese Government may have issues with decentralised nature of cryptocurrencies may present a challenge for the Chinese government.

The Tesla CEO said: ‘I suppose cryptocurrency is fundamentally aimed at reducing the power of a centralised government. They don’t like that.’

Elon Musk Tells Regulators to ‘Do Nothing’ on Crypto

It looks like Elon Musk has done it again. A seemingly innocuous three-word tweet from the Tesla and SpaceX founder saw a spike in the value of little-known Floki.

Musk simply shared a picture of his new Shiba [Inu](/news/article/akita-inu-coin) puppy with the caption “Floki has arrived”. Sweet sentiment, but the tweet went viral and spikes in the value of cryptocurrency with similar names were soon recorded.

The biggest winner was Shiba Floki which saw a 958.09% surge within one day of the tweet, according to reports.

## Floki Token Increase

Floki Inu witnesses increases in excess of 59% in a 24-hour period. Others, including Floki Shiba and Super Floki, also saw value rises.

It is not the first time a tweet from Musk has apparently impacted on markets; comments around Dogecoin and Bitcoin have seen values change.

Dogecoin prices also seemed to be affected by the Floki tweet. Perhaps this is unsurprising as the tweet featured a picture of a Shiba Inu dog. Dogecoin gained by 0.36% following the latest post from Musk, while Baby Doge Coin saw a 24-hour surge of 45.3%

## Shiba Inu Rises

Previous tweets from Musk have had a similar impact on Floki-related cryptocurrencies. Last month, when he said he would name his new pet Floki, Shiba Inu saw a 16% price rise.



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