Investors in Dogecoin are optimistic that Musk’s plan for Twitter 2.0 would incorporate DOGE in some way.
The rise of Twitter 2.0
Dogecoin (1) had a brief 19.4% price increase when billionaire entrepreneur Elon Musk announced his intention to integrate payments into “The Everything App,” or Twitter 2.0. Dogecoin is a cryptocurrency inspired by memes (DOGE). The new Twitter CEO published numerous slides from a recent “Twitter company lecture on November 27 to his 119.2 million followers, outlining his goals. Although Musk didn’t name DOGE in the tweet or the attached slides, this didn’t seem to deter some investors from hoping that Dogecoin would somehow be involved.
Slides from my Twitter company talk pic.twitter.com/8LLXrwylta
β Elon Musk (@elonmusk) November 27, 2022
The effect on DOGE
Data from CoinGecko (2) shows that Dogecoin’s (DOGE) price increased by 19.4% over several hours following the tweet before declining to $0.096 at the time of writing. Musk also mentioned, “Advertising as Entertainment,” “Video,” “Encrypted DMs,” “Longform Tweets,” and “Relaunch Blue Verified” in his list of ambitions for Twitter 2.0.
The social media platform reached an all-time high in terms of “new user signups” and “active user minutes,” which were up 86% and 30%, respectively, over the last week compared to the same seven-day period in 2021. This data from the slides also suggests that Musk’s takeover of the company has already had an impact.
Payments π in Dogecoin? @elonmusk #doge ππ pic.twitter.com/DVn93nfdeg
β Gail Alfar (@GailAlfarATX) November 27, 2022
After well-known tech blogger Jane Manchun Wong speculated in a tweet on October 27 that the company had already started working on a wallet prototype that supports cryptocurrency deposits and withdrawals, rumors of Twitter’s plans for a cryptocurrency wallet started to circulate in October. At the time, the DOGE price increased by 40%.
