Elon Musk has revealed the news and made hints that Dogecoin (DOGE) will soon be available on the Twitter network. Elon Musk recently tweeted a picture of a Shiba Inu dog wearing a Twitter t-shirt. This therefore supports the persistent rumors that he would soon add DOGE payments to his recently bought social media business.
— Elon Musk (@elonmusk) November 1, 2022
Elon Musk hasn’t discussed his preferred memecoin, DOGE, in public before the Twitter acquisition. The tweet has caused the DOGE price to drop once more. At the time of publication, DOGE is trading 15.68% higher at $0.13, with a market worth of $18.3 billion.
DOGE trades at more than 125% gains on a weekly chart. The surge over the weekend has significantly increased public interest in cryptocurrencies. According to Santiment, a provider of on-chain data:
📈 #Dogecoin is still +9% over the past 24 hours, despite most of #crypto declining into the negatives after a big weekend. Social dominance has been the primary indicator, as crowd hype spikes have created local tops, and crowd fear foreshadowed bottoms. https://t.co/NLC0geoWPT pic.twitter.com/XRP1CvnV8B
— Santiment (@santimentfeed) October 31, 2022
Dogecoin and Elon Musk
Elon Musk has been a fervent backer of Dogecoin for the past few years. In fact, Musk thinks Dogecoin is superior to Bitcoin for making regular cryptocurrency payments.
Previous protests have been sparked by Musk’s backing of Dogecoin. Despite the recent tweet, the price of DOGE rose sharply by 15% in a matter of minutes. According to many market observers, Twitter could soon accept DOGE payments as a result of Elon Musk’s acquisition of the social networking site.
In a spectacular rise, DOGE has reached levels last seen in May 2022, just before the market meltdown. Charles Hoskinson, the creator of Cardano, has also expressed interest in bringing DOGE to Twitter.
Dogecoin finally has a use case. If elon decides to use it for twitter, then there are automatically 200 million users and a usecase. That's a lot more real than memes
— Charles Hoskinson (@IOHK_Charles) October 30, 2022
He added that Dogecoin may function as an ADA sidechain and would perform the integration for no charge.
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