Elon Musk’s Twitter 2.0 Plans Make Dogecoin Price Jump by Almost 20%

Elon Musk’s Twitter 2.0 Plans Make Dogecoin Price Jump by Almost 20%

Elon Musk's claims cause another surge in Dogecoin (DOGE) price.

Dogecoin (DOGE), a meme coin established by Billy Markus and Jackson Palme, has recorded an almost 20% price increase.

On November 27th, Dogecoin advocate and Twitter CEO Elon Musk used Twitter to share his plans for what he describes as Twitter 2.0, “The Everything App.”

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Among other things, like advertising as entertainment, videos, encrypted DMs, and long-form tweets, Twitter 2.0 is expected to integrate payments. After Musk revealed several slides from “Twitter company talk,” DOGE price surged by 19.4%, growing from $0.089 to $0.107.

Although Space X and Tesla CEO haven’t directly cited DOGE integration plans, mentioning payments was enough to cause a short-lived price increase and excitement among DOGE advocates and investors.

Nevertheless, Musk’s tweets revealed that his Twitter acquisition had some positive impact on the company. According to the slides from “Twitter company call,” the social media platform has apparently reached an all-time high in “new user signups” and “user active minutes.” 

Comparing the “new user signups” with the same period last year, the number grew by 86%, whereas “user active minutes” increased by 30% compared to the same period in 2021.

It is not the first time, Twitter-related claims have made an impact on Dogecoin (DOGE) price. At the end of October, DOGE price increased by 40% after tech blogger Jane Manchun Wong claimed that Twitter is working on launching a crypto wallet prototype, supporting crypto deposits and withdrawals.

However, not everyone thinks that adding DOGE as a payment method would be a smart move for Twitter. Blockchain software company Jelurida, co-founder Lior Yaffe, noted:

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.

At the time of writing, Dogecoin retails for $0.09472, recording a 3.18% price drop.

Gile K. - Crypto Analyst

by Gile K. - Crypto Analyst, BitDegree