Elon Musk Vision for Twitter 2.0 Propels Dogecoin Price
The weekend tweets by Musk offering a snippet view of Twitter 2.0 plans sparked optimism among Dogecoin investors of possible DOGE integration.
Tesla Inc. chief executive Elon Musk laid bare his intentions of integrating payments into Twitter 2.0. The American entrepreneur envisioned Twitter 2.0 as an inclusive application, prompting a 19.4% price surge of the largest meme-inspired DOGE. The November 27 revelation comes after the DOGE evangelist held a Twitter company talk, from which he shared several slides on his official Twitter hurdle.
The company talk comes at a time when Twitter has seen the exit of experienced staff in the transition as Musk attempts to streamline key operations. Previously, Musk emailed an ultimatum rallying Twitter staff to embrace working long hours and high-intensity duties or exit by November 17.
DOGE Price Movement
Although the slides did not expressly mention DOGE, investors were quick to conclude its inclusion in the Twitter 2.0 plans. A review of DOGE price movement from CoinGecko shows the tweet prompted a 19% surge from $0.089 to $0.107. Nevertheless, the uptrend lasted several hours before cooling off to hover around the $0.095 price level.
At press time, DOGE is down 3% in a day to exchange hands at $0.0938 despite its 22% rise in a week. The price movement arises from speculations pegged to the past Musk’s evangelism of Dogecoin and intention of its acceptance to purchase merchandise from Tesla Inc.
Musk Twitter 2.0 Plan
Beyond the Dogecoin price movement, Musk disclosed an inclusive Twitter 2.0 plan that features encrypted DMs, Relaunch Blue, and Video. In addition, the Sunday tweet demonstrated Musk would likely introduce long-form tweets and advertising as entertainment.
The slides captured in the November 27 tweet show comparative improvement since Musk acquired Twitter Inc. in October. The slides indicated the social media platform realized 86% growth in new user signups and a 30% increment in user active minutes in the last week relative to a similar 7-day period last year. The achievement quelled fears that Musk triggered rubble where users are swapping Twitter for decentralized social networks, such as Mastodon and Bluesky Social – established by former Twitter chief Jack Dorsey.
Speculations of Musk Integrating Cryptos
The latest DOGE price surge from speculative Musk’s plans on Twitter echoes rumors that surfaced in late October. In particular, crypto users speculated that Twitter conveyed plans to launch crypto wallets. DOGE witnessed a 40% price surge as the rumors garnered steam from tech blogger Jane Manchun Wong’s assertions that Twitter Inc. was developing a wallet prototype capable of supporting inbound and outbound crypto-related transactions.
Jelurida cofounder Lior Yaffe downplayed speculation on Musk’s potential of integrating Dogecoin with Twitter. The Switzerland-based expert in blockchain software development indicated that Twitter should consider other blockchain solutions if they were to build payment systems. He downplayed Dogecoin’s viability citing its vulnerability in security, smart contracting, privacy protection, and scaling.
The chief executive at decentralized exchange Tidefi – Daniel Elsawey, considered though integration is realizable, DOGE has restricted utility on Twitter to payments. Lamenting over its original design, Elsawey considered DOGE as unviable to use with smart contracting. It implies that DOGE utilization would strictly be limited to optional payment contrary to the speculations for its use cases.
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