Musk’s Vision For Twitter 2.0 Boosts Dogecoin
In the past week, Dogecoin has gained some 21%. It is remarkable as by now the ultimate memecoin has become the major cryptocurrency the least affected by the recent FTX collapse. Investors seem convinced that Elon Musk’s plans for Twitter will include some form of Dogecoin payment system, although the Tesla CEO remains silent about it.
When Elon Musk walked into Twitter headquarters at the end of October, the price of Dogecoin got an immediate spike and gained almost 100% in a matter of days. Famed analyst Peter Brandt noted that for the first time in almost a year, Dogecoin had gotten out of a downward trend.
In the following week however, as the FTX scandal spread, Doge fell back down, but still remained about 20% higher than the value it had before Musk took over the reins at Twitter.
Slides from my Twitter company talk pic.twitter.com/8LLXrwylta— Elon Musk (@elonmusk) November 27, 2022
Ever since 27 November though, when Musk shared his plans for Twitter 2.0 and the so-called ‘everything app’, Dogecoin has been surging again.
Although Musk didn’t make a mention of any crypto payments, it was enough for Doge enthusiasts to comment that somehow their favorite memecoin would be involved in this new app and send the price of Doge 21% higher in four days.
A development like this would rest on Musk’s support for the cryptocurrency. It is true that if Twitter goes through with such a development, it will provide Doge with exposure to hundreds of millions of people and boost the price even further.