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Dogecoin price increases post Elon Musk revealing Twitter 2.0-based developments

According to Cointelegraph, Musk unveiled his plans to his reported 119.2 million followers in which he shared information from his recent “Twitter company talk”

Dogecoin price increases post Elon Musk revealing Twitter 2.0-based developments
It is believed that Musk’s takeover of the company has resulted in the social media platform reaching an all-time high for “new user signups” and “user active minutes”

Billionaire entrepreneur Elon Musk has given the confirmation on his intentions to integrate payments into what he describes as Twitter 2.0, to fuel a short-lived 19.4% price surge for meme-oriented cryptocurrency Dogecoin (DOGE), as reported by Cointelegraph.

According to Cointelegraph, through a November 27, 2022, tweet, Musk unveiled his plans to his reported 119.2 million followers, in which he shared information from his recent “Twitter company talk.” It is believed that Musk didn’t make any references of DOGE in the tweet or in the mentioned slides, it didn’t discourage investors from being hopeful that Dogecoin would assist in a certain way. 

On the basis of information by Cointelegraph, data from CoinGecko showed that DOGE’S price went up from $0.089 to $0.107, which stood at $0.096 at the time of the publication’s writing. Reportedly, other parts of Musk’s plans for Twitter 2.0 included “Advertising as Entertainment,” “Video,” “Encrypted DMs,” “Longform Tweets” and “Relaunch Blue Verified.” It is believed that Musk’s takeover of the company has resulted in the social media platform reaching an all-time high for “new user signups” and “user active minutes,” which were up 86% and 30%, respectively, in the previous week in comparison to the same seven day period in 2021. 

“Even if they do manage to build a payment system around Twitter, there are much better blockchain solutions than Dogecoin to choose from with regards to security, privacy, smart contracts and scaling,” Lior Yaffe, co-founder, Jelurida, a Switzerland-based blockchain software company, stated on Musk’s decision to integrate DOGE with Twitter. 

“Given that DOGE cannot directly interact with smart contracts as part of its original design, I would say that unless it’s specifically used as an option for payment, the use cases associated will continue to remain speculative,” Daniel Elsawey, co-founder and CEO, TideFi, a decentralised exchange (DEX), highlighted.

(With insights from Cointelegraph)

Also Read: Bitcoin mining revenue declines to its lowest in two years due to increasing network issues

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First published on: 28-11-2022 at 03:56:21 pm