Dogecoin experienced a brief 19.4% price increase as a result of billionaire entrepreneur Elon Musk’s confirmation that he plans to consolidate payments into “The Everything App,” or Twitter 2.0. Dogecoin is a cryptocurrency inspired by memes (DOGE).
The new Twitter CEO published numerous documents from a recent “Twitter company talk” in a tweet on November 27 to his 119.2 million followers, outlining his goals.
Although Musk didn’t name DOGE in the post or the slides that were attached, this didn’t seem to deter some investors from hoping that Dogecoin would somehow be involved.
Data from CoinGecko shows that over the course of several hours following the tweet, Dogecoin’s price increased by 19.4% from $0.089 to $0.107 before declining to $0.096 at the time of writing.
Musk also mentioned “Encrypted DMs,” “Advertising as Entertainment,” “Relaunch Blue Verified,” “Video,” and “Long form Tweets,” in his list of ambitions for Twitter 2.0.
According to data from the posts, it wouldn’t be out of place to infer that Musk’s takeover has had a significant impact with the percentage of new sign-ups on the social media platform reaching a peak level of 86% compared to the same seven-day period in 2021 which was 30%
After well-known tech blogger, Jane Manchun Wong claimed in a tweet on October 27 that the organisation had already started working on a mobile payment prototype that enables cryptocurrency withdrawals and deposits, speculations of Twitter’s plans for a cryptocurrency wallet started to circulate in October. At the time, the DOGE price increased by 40%.
Co-founder of the blockchain software firm Jelurida, Lior Yaffe, did speak to a news outlet saying that Musk shouldn’t integrate Dogecoin onto Twitter although if he were to do so:
“Even if they are successful in creating a credit system around Twitter, there are more secure, private, smart contract-enabled, and scalable blockchain alternatives than Dogecoin.”
Decentralized exchange (DEX) TideFi’s CEO and co-founder, Daniel Elsawey, recently told Cointelegraph that although integration is conceivable, the service would only be useful for payments on Twitter.
“Due to the fact that DOGE cannot interact directly with smart contracts as a component of its original architecture, I would argue that the use cases connected with it will stay speculative unless it’s specifically employed as a payment option.”
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