First Time After Twitter Deal, Elon Musk Hints of DOGE Coming to The Platform

Well well, Elon Musk has spilled the beans and has hinted about Dogecoin (DOGE) coming to the Twitter platform very soon. In his recent tweet, Elon Musk shared a pic of the Shiba Inu dog breed wearing a Twitter t-shirt. Thus, this fuels the ongoing speculation that he could soon bring DOGE payments to his newly acquired social media platform.

😉 pic.twitter.com/eaIYaDRBnu

— Elon Musk (@elonmusk) November 1, 2022

This is the first time after the Twitter deal, that Elon Musk has publicly spoken about his favorite memecoin DOGE. The tweet has done enough to shoot the DOGE price once again. As of press time, DOGE is trading 15.68% up at a price of $0.13 with an $18.3 billion market cap.

On a weekly chart, DOGE trades at more than 125% gains. Since the rally on the weekend, the social interest in the cryptocurrency has spiked considerably. As on-chain data provider Santiment reports:

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.

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Elon Musk and Dogecoin

Over the last few years, Elon Musk has been an ardent supporter of Dogecoin. In fact, Musk believes Dogecoin to be better than Bitcoin for making daily payments in crypto.

Musk’s support for Dogecoin has led to several rallies in the past. Even with the recent tweet, the DOGE price shot up straight by 15% within minutes. Many market analysts believe that with Elon Musk acquiring Twitter, DOGE payments could soon come to the social media platform.

DOGE has staged a phenomenal rally and is currently trading at levels last seen in May 2022 before the market crash. Cardano founder Charles Hoskinson has also shown interest in getting 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”, he wrote.

Furthermore, he also said that Dogecoin can operate as an ADA sidechain and would do the integration for free.

Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.