WILL ELON MAKE DOGECOIN A PAYMENT OPTION ON TWITTER POSSIBLE?

WILL ELON MAKE DOGECOIN A PAYMENT OPTION ON TWITTER POSSIBLE?

Cryptocurrency
May 2, 2022 by Diana Ambolis
241
If Elon Musk adds Dogecoin inside Twitter, the cryptocurrency is on track to outperform big cryptocurrencies. Elon Musk promoted Dogecoin, his favorite cryptocurrency, as a payment option for those who want to use Twitter Blue, the social media giant’s subscription service. They include a price reduction, the ability to pay with Dogecoin, and the removal
TEN CRYPTOCURRENCIES THAT HAVE INCREASED IN VALUE AS A RESULT OF MUSK'S TWITTER ACQUISITION

If Elon Musk adds Dogecoin inside Twitter, the cryptocurrency is on track to outperform big cryptocurrencies.

Elon Musk promoted Dogecoin, his favorite cryptocurrency, as a payment option for those who want to use Twitter Blue, the social media giant’s subscription service. They include a price reduction, the ability to pay with Dogecoin, and the removal of advertisements. Following a protracted battle with Twitter’s board of directors, a little nagging from the shareholders helped Elon win the Twitter offer. There isn’t much to say about Elon Musk’s decision to buy Twitter because, as weird as it may sound, it makes sense to him. He may now make any adjustments he wants to Twitter, transforming it into the most wonderful social media network on the internet.

Dogecoin, a meme-based cryptocurrency, has always been supported by Elon Musk. His tweets about how he supports Dogecoin and how it would become the most popular cryptocurrency in the market have greatly influenced Dogecoin’s market. Elon Musk had previously hinted at a Dogecoin-Twitter link in a tweet implying that Dogecoin might be used to pay for Twitter Blue. He started working with the Dogecoin team to increase the efficiency of the network.

Following Elon Musk’s acquisition of Twitter, Dogecoin surged over 6% immediately after the deal was revealed. Within 24 hours of the acquisition, the cryptocurrency had increased by about 35 percent. If Elon Musk successfully adds Dogecoin as payment crypto on Twitter, its market domination would likely skyrocket, allowing it to become one of the most profitable cryptocurrencies on the market.

Finally, Musk appears to be very likely to integrate Dogecoin into Twitter; there aren’t many reasons why he can’t. However, if he succeeds, Dogecoin will undoubtedly achieve new all-time highs, eventually surpassing big cryptocurrencies in the market.

Also, read – Cryptocurrency Dogecoin surges briefly due to Elon Musk 

THANKS TO ELON, DOGECOIN WHALE ACCUMULATION IS RADICALLY INCREASING.

Elon Musk has agreed to buy Twitter for $44 billion dollars. What does this mean for Dogecoin and other cryptocurrencies?

Dogecoin (DOGE) prices are soaring on the back of Elon Musk’s US$44 billion Twitter acquisition. Musk had hinted at the possibility of the world’s largest meme token being integrated into Twitter. Dogecoin’s price has risen 1.76 percent in the last 24 hours to slightly under US$0.1322. One of the most popular cryptos is still trading in a close range around that level, but it is still very volatile, having dropped as low as US$0.1239 in recent days and changing hands at US0.1641 a week ago. In theory, Dogecoin and other cryptocurrencies should move independently of traditional financial markets. However, they have shown to be connected with other risky assets such as equities, particularly technology stocks.

Whale transactions in DOGE reached a four-month high.

Elon Musk is well-known for moving the price of cryptocurrencies, particularly Dogecoin, with his cryptic and provocative Tweets. Crypto whales are lingering over Dogecoin, according to data from a blockchain analytics business, into the block, indicating a huge move in the future. Large transactions above $100,000 have risen to a four-month high, indicating greater whale trade.

Over US$66.6 million in Dogecoin has been exchanged between various wallets in the last 6 hours, according to Dogecoin Whale Alert. The tracker’s single largest transaction was more than US$48.2 million. Meanwhile, Dogecoin’s 24-hour trading volume has increased by 800 percent to US$7,180,077,402. After a long wait, the DOGE token has finally made it into the top ten cryptocurrencies.

Dogecoin and Elon Musk

Dogecoin’s success is due to Elon Musk’s enthusiasm for it. In early 2021, Musk began tweeting about Dogecoin, sharing a Lion King DOGE meme. This sparked a ferocious DOGE rally, complete with brief dips, that culminated in Musk’s appearance on Saturday Night Live.

Despite Musk’s pledges to the moon, DOGE plummeted after his SNL performance. In the months since Musk appears to have lost interest, and the price of DOGE has fallen by more than 70% from its all-time high. On the other hand, Musk still has control over Dogecoin, as evidenced by his periodic tweets.

What makes Dogecoin so popular?

DOGE’s scale allows it to promote good causes all throughout the crypto world. The Dogecoin community collected $50,000 in 2014 to support the Jamaican Bobsled team’s participation in the Sochi Winter Olympics.

Shibes raised $30,000 on World Water Day (March 22, 2014) to assist in building clean-water wells in Kenya’s Tana Valley. Shibes has even tried his hand at NASCAR (North American Stock Car Auto Racing). Shibes spent $55,000 to sponsor Josh Wise’s driver in March 2014. Wise raced in a Dogecoin-themed NASCAR vehicle.