As a Major Social Media Shuffle Looms, Uptake and Value of Dogecoin (DOGE) Surges

May 03, 2022 -

USA News Group – As one of the most controversial hostile takeover bids in recent memory looms, among the proposed major changes that Tesla Inc. (NASDAQ:TSLA) CEO Elon Musk wants to make to the targeted Twitter Inc. (NYSE:TWTR) includes accepting Dogecoin (DOGE). Speculation surrounding the major DOGE acceptance boost caused prices of the dog-faced crypto coin to surge. Beyond Twitter, other companies are doing their part to increase DOGE’s presence, including AMC Entertainment Holdings, Inc. (NYSE:AMC) accepting the coin for movies, Robinhood Markets, Inc. (NASDAQ:HOOD) making trading for it easier, and livestreamers and audiences gaining the option to partake in cryptomining of both DOGE and Litecoin (LTC) through rising social media platform Hello Pal International Inc. (CSE:HP) (OTC:HLLPF).

Back in May 2021, Hello Pal International Inc. (CSE:HP) (OTC:HLLPF) made history by becoming the market’s first listed company focused on DOGE mining. Reaction to the announcement was swift, causing a surge in traffic so heavy it temporarily caused a website outage.

Since the transition into the space, the company has diligently been accumulating more mining power, having recently announced the arrival of new L7 miners in both the US and its new operations in Australia. Immediately after their arrival, Hello Pal further went on to announce the commencement of its mining operations in Australia.

"We are excited for our mining operations to resume again, and pleased that we have been able to diversify the location of our rigs with this Australian mining facility," said KL Wong, Founder and Chairman of Hello Pal. "We look forward to the remaining 300 mining rigs in North America to also commence operations soon."

As Hello Pal previously announced, a total of 400 mining rigs were purchased by the company's 51% subsidiary, CPal Technology Limited, and by the Company's wholly-owned subsidiary Hello Pal Asia Limited.

Originally, Hello Pal planned for all miners to be located in North America, before it went on to arrange for 100 miners to be located in Australia. The move was made to increase diversification. Upon those 100 miners arriving, Hello Pal wasted no time in commencing their Australian operations.

The data centre in Australia is capable of housing up to 20,000 Mining Rigs providing sufficient room for Hello Pal to expand its cryptocurrency mining capabilities onsite down the track.

The remaining 300 miners have also arrived in the United States, with a portion similarly awaiting installation in mining facilities located in New York State and Ohio, and another portion awaiting customs clearance before on-delivery to those facilities.

Hello Pal users have the ability to take part in the mining process of both Litecoin (LTC) or Dogecoin (DOGE) by either owning or partly-owning crypto mining rigs.

If Elon Musk is successful in his bid for Twitter Inc. (NYSE:TWTR), his intention doesn’t seem to involve crytpomining like Hello Pal does—instead opting for a subscription model where subscribers of Twitter Blue should be able to pay with dogecoin.

Launched in June 2021, Twitter Blue is the social media giant’s first subscription service for those willing to pay for exclusive access to special features, such as ad-free articles, bookmark folders, custom app icons, themes, custom navigation and an ‘Undo Tweet’ option.

When it was announced he would be appointed to Twitter’s board of directors, Musk hinted at “significant improvements to Twitter in the coming months.”—before he pulled away from the director position and instead launched a bid to takeover the entire company.

Among his suggestions, he believed that Twitter Blue subscribers should get an authentication checkmark, prices should be ~$2 per month paid annually, the checkmark wouldn’t come until 60 days have elapsed, and that to pay for the service “Maybe even an option to pay in Doge?”.

As for his own empire, Musk is seemingly quite connected to Dogecoin, with DOGE set to use Musk’s company SpaceX’s Starlink (satellite internet) for offline transactions, while his flagship

Tesla Inc. (NASDAQ:TSLA) also already accepts DOGE for certain merchandise.

Another staunch supporter of DOGE is Adam Aron, CEO of AMC Entertainment Holdings, Inc. (NYSE:AMC), whose company now through the AMC mobile app officially accepts Dogecoin, Shiba Inu (SHIB) and other cryptocurrencies for moviegoers at the largest movie theater chain in the USA.

“Exactly as promised, the AMC mobile app for AMC’s U.S. theatres now accepts online payments using Doge Coin, Shiba Inu, and other crypto currencies — thanks to Bitpay. Also Apple Pay, Google Pay and Paypal,” tweeted Aron. “To do so, you first will need to update to the latest version of our app.”

Vlad Tenev, CEO and co-founder of the trading app from Robinhood Markets, Inc. (NASDAQ:HOOD) goes even further, tweeting “Can #Doge truly be the future currency of the Internet and the people? As we added the ability to send/receive DOGE on Robinhood, I’ve been thinking about what that would take.”

In order to achieve “currency of the internet and the people” status, Tenev went on to hypothesize that transaction fees would need to be “vanishingly small”—further pointing out “We’re already there.”

Robinhood’s app has delivered typical transaction fees around ~$0.003, compared to 1-3% network fees charged by major credit card networks.

As well, transactions would need to be recorded in less time that it takes to pay at a point of sale (POS) terminal, but not so fast that miners can build up too many competing block chains while wasting excessive amounts of energy. Other suggestions from Tenev included technical adjustments such as changing the block size.

Musk joined the conversation, tweeting, “Exactly, block size & time should keep pace with the rest of the Internet.”

Whether or not Musk’s Twitter bid is successful is currently still up in the air. However, he now may have a formidable partner in the mix, with one of the largest buyout firms in the market, Apollo Global Management Inc. reportedly considering participating in Musk’s ambitious attempt. Apollo Global is a private equity and lending giant with about $500 billion under management. Other entities reportedly taking an interest in Twitter include private equity firm Thoma Bravo LP.

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