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Social media platform Twitter has dabbled in cryptocurrencies in recent years – and Elon Musk’s recent acquisition could open the door to expanding that effort. The focus is on Dogecoin (DOGE). The entrepreneur will make changes to the platform. This possibility raises great expectations among crypto investors.
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According to a report from Bloomberg, speculation is growing about how Elon Musk might incorporate cryptocurrencies into Twitter. The social media platform allowed users to send and receive Bitcoin and Ethereum transactions and set non-traceable tokens (NFTs) as profile pictures.
These features may be just the tip of the iceberg under Elon Musk’s leadership. The billionaire is a known supporter of DOGE – and the market is pricing in any future implementation of the meme coin in current or future features.
These changes could encourage DOGE adoption and allow it to achieve parity with the US dollar. In 2021, a promise of “Dogecoin to $1” brought the meme coin into price discovery. At its peak and supported by Elon Musk’s tweet, DOGE reached more than $0.75.
Is Elon Musk integrating DOGE with Twitter?
Ironically, Dogecoin’s bull run ended in 2021 due to an event involving Elon Musk. The entrepreneur and CEO of Tesla was a guest on Saturday Night Live and encouraged the buy the rumor, sell the news trade.
It seems logical that another Elon Musk event would push Dogecoin’s price higher amid new estimated future prospects. The market is pricing any Dogecoin (DOGE) announcement positively. A small DOGE rally supports this expectation.
On Musk’s own social media platform, crypto investors are discussing the Dogecoin rally and its role on Twitter. Some believe that Musk is creating another price bubble, causing huge losses for investors.
“This pump is just a result of rumors that @elonmusk is making $DOGE currency on @Twitter. Which it probably won’t, and that bubble will burst hard if it kills the rumor.”
This is the only pump as a result of rumors @elonmusk Doing $DOGE currency on @twitter. He probably won’t and this bubble will burst hard when he kills the rumor.
— Erik Lippmann (@objective_cesar) October 29, 2022
Others, such as social media expert Joey Hickson, write the following on the possible impact on DOGE, memecoins and cryptocurrencies in general under Musk’s leadership:
“If you’re still not trying to master crypto coins and memes after Elon Musk bought Twitter, you’re going to be sorely disappointed.”
Binance will help with the redesigned Twitter
The completion of Musk’s Twitter acquisition led to additional information about the companies behind it. These parties include crypto exchange Binance.
According to a report from Yahoo Finance, the crypto exchange pledged $500 million to support Musk’s bid. Through this engagement, Binance is involved in one of the largest social media platforms in the world.
In the future, this participation will come in new Web3 and crypto ventures to fully realize the “crypto-Twitter” vision. Changpeng “CZ” Zhao, CEO of Binance, has this to say about the exchange’s potential role in the company:
“We’re excited to help Elon realize a new vision for Twitter. Our goal is to play a role in bringing social media and Web3 together to expand the use and adoption of crypto and blockchain technology.”
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Text credit: Bitcoinist
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