Big bullish jump in dogecoin after Musk announced his Twitter 2.0 plans

Big bullish jump in dogecoin after Musk announced his Twitter 2.0 plans

Billionaire entrepreneur Elon Musk has confirmed his intention to integrate payments into what he describes as Twitter 2.0, prompting a brief 19.4% rise in the price of the cryptocurrency Dogecoin (DOGE), fueled by memes.

Twitter’s new CEO revealed his plans in a tweet on November 27 to his 119.2 million followers, in which he shared some slides from a recent “corporate interview on Twitter”.

Slides from my company Twitter talk — Elon Musk (@elonmusk) November 27, 2022

While Musk made no mention of DOGE in the tweet or accompanying slides, that didn’t seem to stop some investors from hoping that Dogecoin would be involved in some way.

Payments in Dogecoin? @elonmusk #doge — Gail Alfar (@GailAlfarATX) November 27, 2022

According to data from CoinGecko, the price of Dogecoin (DOGE) jumped 19.4% from $0.089 to $0.107 within hours of the tweet, before cooling down to $0.096 at the time of writing.

Other plans listed as part of Musk’s vision for Twitter 2.0 include “Advertising as Entertainment”, “Video”, “Encrypted Direct Messages”, “Long Form Tweets” and “Twitter Verification »
Data from the slides also suggest that Musk’s takeover has already had an impact on the company, with the social media platform hitting all-time highs in “new user signups” and “active minutes.” , up 86% and 30%, respectively, over the past week compared to the same seven-day period in 2021.

Also read: Is DOGE still worth it, even after Musk takes over Twitter?

In October, rumors surfaced about Twitter’s cryptocurrency wallet plans after blogger Jane Manchun Wong claimed in a tweet on October 27 that the company had already started working on a prototype wallet that takes cryptocurrency deposits and withdrawals, which which led to a spike in the price of DOGE. by 40% at the time.

Lior Yaffe, co-founder of Swiss blockchain software company Jelurida, recently told Cointelegraph that even if Musk were to integrate Dogecoin on Twitter, it would not be a wise move:

“Even if they manage to build a payment system around Twitter, there are far better blockchain solutions than Dogecoin to choose from in terms of security, privacy, smart contracts and scaling. »

Daniel Elsawey, CEO and co-founder of decentralized exchange (DEX) TideFi recently told Cointelegraph that while the integration is possible, its uses on Twitter would be strictly limited to payments:

“Since DOGE cannot directly interact with smart contracts as part of its initial design, I would argue that unless it is specifically used as a payment option, the associated use cases will remain speculative. »

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