Ripple CTO slams Elon Musk for buying Twitter as Dogecoin surged by 30%

Key Takeaways:

  • David Schwartz disapproves of Musk buying Twitter.
  • Google search trends revealed that the global searches for “meme tokens” have soared.
Ripple CTO slams Elon Musk for buying Twitter
Dogecoin prices jumped on news of Elon Musk acquiring Twitter. Image from Pixabay

LAGOS (CoinChapter.com) — David Schwartz, Ripple’s CTO has slammed Tesla CEO, Elon Musk over his decision to buy social networking platform Twitter.

Unlike the majority of the crypto space who expressed delight with Musk taking Twitter private. Schwartz via his official Twitter handle described the purchase as a clampdown on freedom of speech.

The Ripple CTO opined that Musk’s takeover will make people dumber about freedom of speech. He referred to the Tesla CEO as “our new overlord,” revealing his displeasure with Musk’s purchase of Twitter.

It is worth noting that David Schwartz has been against the world’s richest man’s move to buy the social media platform. David Schwartz in a Twitter thread had condemned Elon Musk’s idea to reduce the censorship on social media. He said:

“This is about the worst policy imaginable. Every moderate increases the risk that moderate positions on their side get prohibited and every radical expands what their side may say.”

Meanwhile, David Schwartz isn’t the only one who feels this way as Dogecoin co-founder Jackson Palmer had also criticized Musk’s decision. Palmer in a now-deleted tweet had noted that Musk didn’t deserve to own Twitter because of his history of uncontrolled online quarrels.

Recall that Elon Musk eventually clinched the social media platform yesterday for $44 billion. Musk who currently owns Tesla and SpaceX, among other businesses, finally adds Twitter to the list.

Meme tokens Rally After Elon Musk Purchased Twitter

Meanwhile, news of Elon Musk buying Twitter sent the price of Dogecoin and other meme tokens skyrocketing. Dogecoin one of Musk’s favorite tokens surged by almost 30% after the billionaire entrepreneur agreed to buy Twitter.

Data from Coingecko revealed that the meme coin climbed as high as 17 cents following the announcement. However, DOGE has since dropped, currently trading at $0.1532 with a market cap of over $20 million.

Elon Musk, Ripple CTO slams Elon Musk for buying Twitter as Dogecoin surged by 30%
DOGE/USD daily price chart. Source: TradingView

Nonetheless, dogecoin remains down by some 80% from its 75-cent peak set in May last year. The token price had rallied ahead of Musk’s appearance Saturday Night Live.

Shiba Inu and Floki Inu, the next two largest tokens by market cap also surged following the new development. SHIBA went to $0.00002507 in a matter of hours following Musk’s purchase, though quickly fell back again.

On the other hand, Floki Inu’s price rose extremely high after the announcement shooting the price up from $0.00002094 to new heights of $0.00002460.

Additionally, Twitter futures trading in Frankfurt jumped by 6.48%, data shows. This was just as the majority of the token in the crypto market rallied and returned to the green zone.

Meanwhile, retail interest in meme tokens has skyrocketed according to data from Google search trends. Elon Musk’s influence in the space seems to boost interest as more people are inquiring about meme tokens.

Elon Musk
Chart of meme tokens search on Google. Source: Google Trends

Google search trends revealed that the global searches for “meme tokens” have soared to 68 for the week of April 17-23.

Google Trends uses numbers to represent search interest with ‘100’ as the peak popularity for the specific term. Also, it is worth noting that high interest doesn’t necessarily imply an increase in digital assets price or a rise in actual buying.

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Elon Musk, Ripple CTO slams Elon Musk for buying Twitter as Dogecoin surged by 30%

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