However, the dogecoin price remains down by around 90% from its all-time high set in May last year at the height of Musk-dogecoin mania. Tesla began accepting dogecoin for merchandise purchases in January. In May, Musk announced his rocket company SpaceX would follow Tesla in accepting dogecoin for merchandise. Musk's interest in dogecoin, beginning around 2019, took off in 2021 amid the huge bitcoin and crypto price boom, with Musk encouraging the "joke" bitcoin rival to slash fees and speed up transactions to compete as a payments system. Kimbal later replied: "I'd love to help think through the structure of the doge social media idea. There is no throat to choke, so free speech is guaranteed." You have to pay a tiny amount to register your message on the chain, which will cut out the vast majority of spam and bots. "I have an idea for a blockchain social media system that does both payments and short text messages/links like Twitter. "This could be massive," Musk texted his younger brother in April, it was first reported by Insider. In September, messages made public in the discovery process of Musk's court battle with Twitter showed Musk told his brother Kimbal he wanted to build a blockchain-based, social media platform that could use dogecoin to verify users. Musk has also changed his Twitter bio to "Chief Twit." Earlier this week, Musk told bankers backing his bid for the company that he expects it to close by Friday, it was reported by Bloomberg. This week, Musk posted a video showing him walking into the Twitter office carrying a sink and sparking speculation over why and whether it relates to reports he could look to lay off some 75% of Twitter's workforce (or if he's just recreating a meme).
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