Investors in Dogecoin are still hoping that Musk’s plans for Twitter 2.0 will include some way to use DOGE.
Is Meme-inspired Cryptocurrency Dogecoin Rising?
Elon Musk, a billionaire entrepreneur, has confirmed that he plans to add payments to Twitter 2.0, or “The Everything App.” This caused the price of the meme-inspired cryptocurrency Dogecoin to rise by 19.4% for a short time (DOGE).
Read more: Will Bitcoin Shoot Over $100k In 2023?
The new CEO of Twitter told his 119.2 million followers about his plans in a tweet on November 27. In the tweet, he shared several slides from a recent “Twitter company talk.”
Slides from my Twitter company talk pic.twitter.com/8LLXrwylta
— Elon Musk (@elonmusk) November 27, 2022
Even though Musk didn’t say anything about DOGE in the tweet or the attached slides, some investors still seemed to be hoping that Dogecoin would be involved somehow.
According to data from CoinGecko, the price of Dogecoin (DOGE) jumped 19.4% from $0.089 to $0.107 over a few hours after the tweet but has since settled down to $0.096 at the time of writing.
— Gail Alfar 💙 (@GailAlfarATX) November 27, 2022
Is Musk Relaunch Blue Verified?
Musk’s plans for Twitter 2.0 also included “Advertising as Entertainment,” “Video,” “Encrypted Direct Messages,” “Longform Tweets,” and “Relaunch Blue Verified.”
The slides also show that Musk’s takeover of the company has already had an effect, with the social media platform reaching an all-time high in terms of “new user signups” and “active user minutes,” which were up 86% and 30% respectively over the last week compared to the same seven-day period in 2021.
Does DOGE deserve all the attention, even after Musk bought Twitter?
In October, rumors spread about Twitter’s plans for a cryptocurrency wallet after well-known tech blogger Jane Manchun Wong tweeted on October 27 that the company had already started working on a prototype wallet that allows cryptocurrency deposits and withdrawals. This caused the price of DOGE to rise by 40% at the time.
Lior Yaffe, the co-founder of Switzerland-based blockchain software company Jelurida, recently told Cointelegraph that even if Musk added Dogecoin to Twitter, it wouldn’t be a good idea:
Why Dogecoin Is Not The Best Blockchain Solution?
“Even if they manage to build a payment system around Twitter, Dogecoin is not the best blockchain solution for security, privacy, smart contracts, or scaling.”
Daniel Elsawey, CEO and co-founder of decentralized exchange (DEX) TideFi, recently told Cointelegraph that the integration is possible, but it would only be useful for payments on Twitter.
“Given that DOGE was designed so that it can’t directly interact with smart contracts unless it’s used as a payment option, its use cases will continue to be speculative.