The most popular memecoins Dogecoin (DOGE) and Shiba Inu (SHIB) managed to attract the interest of billionaire Elon Musk to make a large amount of investment in the two digital assets as they are among the largest cryptocurrencies by market capitalization.
Nevertheless, suspicion among investors is growing in predicting which memecoin will reach the price of $1 first after Musk took over the social media platform Twitter.
It is also understood that some individuals fear that he will use the platform solely for his personal agenda, while supporters of the republican party expressed joy that Musk intends to bring Donald Trump back to the social site after being blocked before.
The DOGE memecoin price has seen a steady climb since Musk bought Twitter and allowed his customers to buy Tesla merchandise using the memecoin earlier this year.
In fact, DOGE is likely to make a drastic jump as he intends to make the memecoin an exchange for Twitter services.
In addition, DOGE's utility will also increase when Twitter users must always use the memecoin or other cryptocurrencies to use on Twitter after Musk launches the update.
Meanwhile, the second largest memecoin SHIB is also making an increase in revenue from Musk's corporate affairs and is likely to think of other ideas to further expand its ecosystem.
To be clear, SHIB may not be able to beat DOGE if Musk decides to use the memecoin to support the monetization of Twitter, because other big companies will also follow in his footsteps.
Even so, SHIB is an ERC-20 token that uses a proof-of-work (PoW) mechanism to provide transaction rates similar to DOGE.
That streak, investors need to be ready to follow up whenever one of the memecoins will reach $1.
