Posted October 31, 2022
By Matt Insley
Crypto Buzz: All Things Elon (Memes, Bots, and Bans)
Crypto has had its best week in months, seeing its market cap go back over the trillion dollar benchmark. Despite the rally, Crypto Nation has joined the rest of the world in not being able to take their eyes off the fallout of Elon Musk’s Twitter Takeover.
The mogul’s acquisition of Twitter may have been slow to develop, but it reached its climax over the last week in a big way.
High-profile terminations have already happened, and even higher-profile account bans are likely to be lifted in the coming days.
The Crypto Community is waiting on bated breath to see how the world’s biggest Meme Coin fan will use his newly acquired power.
Here’s what people are talking about…
#1 Elon’s Pet Meme Coin
It’s easy to guess the one coin that would benefit the most from Elon Musk taking control of the world’s largest media platform…
Musk has long been attached to the Meme Coin since he dubbed it his favorite cryptocurrency back in 2019, and continued to share Doge memes ever since. He even suggested multiple times this year that it could be used as a payment method on Twitter.
The frenzy surrounding the Twitter acquisition has already led to Dogecoin gaining 94% over the last week.
As Twitter’s new leader continues to make news-making decisions, could Doge rally even further? Read more here.
#2 War on Bots
On a more serious note, the most substantial benefit of Twitter’s new management for crypto will be Musk’s crusade against the “spam bots” that he claims make up a large percentage of Twitter’s user-base.
One of the largest obstacles for crypto has been the prominence of scams and high-volume / low-effort marketing for useless crypto tokens.
Twitter has been ground-zero for this behavior, and the crackdown has already begun under new leadership.
The crypto exchange Binance, who was a major financial contributor to Musk’s acquisition of Twitter, is putting together a team in charge of using blockchain technology to combat the bots that have plagued the social media platform.
A spokesman for Binance said of their goals…
“Binance is creating an internal team to focus on ways that blockchain and crypto could be helpful to Twitter and actively brainstorming plans and strategies that could help Elon Musk realize his vision.
For example, how can we build on-chain solutions to address some of Twitter’s issues, such as the proliferation of bot accounts in recent years. We are in the early stages now and still figuring out a plan.”
You can read more here.
#3 The Great Un-Banning
What has commanded the attention of most people is the issue of who will have their lifetime account suspensions lifted under Elon’s ownership.
You might expect all restrictions to be lifted and all existing penalties to be expunged based on Musk’s well-established stance against censorship. However he has been quoted as saying…
“Twitter obviously cannot become a free-for-all hellscape, where anything can be said with no consequences”
Several people with existing bans have attempted to re-join the platform - expecting to be welcomed under the new leadership - only to see a quick re-banning.
Twitter won’t become the free-for-all that some expected, but certainly many bans are under review as we speak. For the most notable names, you can read about 10 people that could have their Twitter suspensions lifted here.
You will believe who’s number one.
That’s all for this week. See you soon for some non-Elon crypto news (possibly).
Publisher, Daily Crypto Hunter