The Impact of Elon Musk’s Reported Twitter Payments Plan on Dogecoin: Why DOGE Supporters Are Eager
- Shams ul Zoha
- February 1, 2023
- 10:46 pm
WHAT YOU SHOULD KNOW
- Dogecoin (DOGE/USD-5.15%+) saw a significant increase in value on Tuesday, reaching an intraday high of $0.095655, representing a 10%+ rise.
- The surge follows news that Twitter CEO Elon Musk may be introducing a payment system to the platform.
Dogecoin saw a significant increase in value on Tuesday, reaching an intraday high of $0.095655, representing a 10%+ rise. This surge follows news that Twitter CEO Elon Musk may be introducing a payment system to the platform.
On Tuesday, DOGE experienced a surge that pushed it towards a 35% gain for the month of January 2023. However, as of Wednesday, the meme coin has pulled back by 5.2%.
Elon Musk has expressed his desire for Twitter payments to be primarily in traditional currencies, but the Financial Times reports that engineers are developing the payment system in a way that would allow for the inclusion of cryptocurrency in the future.
According to a report, Twitter has been taking steps to obtain the necessary regulatory licenses and developing the software required to enable payments on the platform.Twitter is developing a secure repository for user data to enable a payment system to access the information.
Supporters of Dogecoin have suggested that Twitter may add the meme-based cryptocurrency to its platform after Elon Musk’s SpaceX began accepting DOGE for some of its merchandise in June 2022. Elon Musk’s Tesla now makes it possible to purchase merchandise from online stores using DOGE cryptocurrency.
Dogecoin has become increasingly popular since Elon Musk expressed his support for the meme-based cryptocurrency, naming it his favorite.
In early November, Elon Musk tweeted that Dogecoin should be used more like a currency.In April 2022, a video about Dogecoin was shared on Twitter, with the message that it “explains everything.” This was endorsed by Dogecoin co-founder Billy Markus, who declared it to be the “best cryptocurrency video in history.”
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