Just recently, a feud ensued on Twitter when the billionaire and CEO of Tesla, Elon Musk tweeted about eating a Happy Meal from McDonald’s. However, only on the condition that the fast-food chain starts receiving payments via Dogecoin, the popular meme token – Bitcoin wallet.
McDonald’s was also quick to give a reply. By the end of the day, the result of the Twitter conversation between McDonald’s and Elon Musk was felt in the market. Investors in the market took the conversation between McDonald’s and Elon Musk as a sign to buy. This caused the price of Dogecoin to surge albeit just a little bit.
Many believe that this weak surge in Dogecoin price might be an indication that Elon Musk is losing its influence and ability to move certain markets.
Twitter Feud Between Tesla CEO and McDonald’s Leads to Dogecoin Spike
Tesla CEO and erratic billionaire Elim Musk went on his Twitter page and offered to eat a McDonald’s kids meal live on TV. However, Elon said he will only be doing that if the fast-food chain will officially start accepting Dogecoin (DOGE).
On the morning of Tuesday, 25th of January, the SpaceX CEO tweeted that he’s ready to eat a Happy meal live on TV. But only if McDonald’s makes Dogecoin a payment method option. Just a few minutes after Elon made the tweet, DoGE saw an increase in the price of 7%. The token moved from $0.135 to $0.145 and has since been trading in that price range.
While the tweet saw a little market push to the upside, many investors now worry that there’s trouble in paradise. This is because past tweets from Musk have seen the market surge far more considerable than this. In fact, Musk’s previous tweet before this where he announced that Tesla will accept Doge as payment for its merchandise saw DOGE surge by 25%. With his current tweet unable to push the market like before, many are now starting to think Musk’s influence is starting to fade.
About 10 hours after Musk tweeted at McDonald’s, the fast-food chain replied remarking that “Tesla will also accept Grimacecoin”. McDonald’s was referring to a fake coin in the ’80s which depicted a purple mascot from McDonaldland. As soon as McDonald’s tweeted, crypto enthusiasts immediately responded and began minting Grimace Coin (Grimace) on BSC.
As you would expect, mainstream media stations have always been eager to trend Musk’s unpredictable online behavior. As soon as Musk tweeted, The Independent and the Wall Street Journal immediately amplified the billionaire’s tweet.
Elon Musk is now jumping on the trending McDonald’s crypto memes that are now all over Twitter. Many have now linked the fast-food giant to the crypto market. Investors and influencers now post memes about getting a job at McDonald’s given the significant losses on the crypto market.
Nayib Bukele, president of El Salvador, whose government previously bought Bitcoin dip at $36,000 also joined the trend. He uploaded a poorly edited photo of himself with a McDonald’s-branded cap and a nametag.
Musk Pumps Up Dogecoin More Than Bitcoin
While crypto memes seem entertaining and amusing, Elon Musk has often used his massive Twitter following to influence the crypto market. For instance, at the beginning of this year, Musk confirmed that Tesla will start accepting Dogecoin as payment for merchandise on its official website. This caused the price of DOGE to surge significantly.
Late last year, Musk also confirmed via Twitter that Tesla will be suspending Bitcoin as a use for their payment method. The announcement saw the Bitcoin market dip. Musk’s unpredictable Twitter behavior has had major criticisms in the past with Changpeng Zhao (CZ), Binance’s CEO calling out Elon Musk. CZ tweeted that tweets that hurt people’s finances are irresponsible and certainly not funny.
It’s general knowledge that Musk owns over 42,000 Bitcoin, which he bought at an average price of $31,700 per coin. However, Musk seems to be more enthusiastic about pumping Dogecoin. Musk emphasized that while Dogecoin was created as a joke, it is better-suited for transactions purposes compared to Bitcoin.
He also claimed that Bitcoin’s transactional cost is high and its transactional volume is low when compared to Dogecoin. To this end, Musk believes that Bitcoin is best used as an asset for store-of-value and Dogecoin for superior transactions and spending.
