Dogcoin accumulated 11% this week, analysts speculate that dogcoin may be introduced to Twitter

Tesla (NASDAQ:TSLA) CEO Musk has purchased a 9.2% stake in social media company Twitter, according to a filing by the company.

Because of Musk's longstanding love of cryptocurrencies like Bitcoin and Dogcoin, the market is beginning to speculate that Musk is likely to push Twitter into the crypto space next. At the beginning of the year, Twitter launched its NFT avatar feature, allowing users to use NFT as their personal avatar.

Ken Li, director of investments at Binance Labs, said in a media interview that Musk's investment in Twitter could push the social media company's crypto initiative forward, possibly even integrating dogcoin into the platform.

Ken Li noted that "Musk's investment in Twitter (NYSE:TWTR) could help accelerate the adoption of cryptocurrency at Twitter, but it remains to be seen whether Twitter will adopt Musk's favorite dogcoin."

Previously, Musk has mentioned dogcoin several times on social media, while Tesla also began accepting dogcoin as one of the payment methods for its goods this year.