© Reuters. The Finish of the Elon Musk x Dogecoin (DOGE) Saga?
- Jane Manchun Wong just lately uncovered proof that Elon Musk could be on the cusp of rolling out a brand new Twitter “Cash” characteristic.
- Regardless of his moniker of “The Dogefather,” Musk final tweeted about (DOGE) on December twenty fifth, 2022.
- Twitter Cash and their related options might put Dogecoin on the sidelines.
After Musk acquired Twitter in October 2022, the social media platform has been rolling out new options and updates commonly, with various ranges of success. Even so, Musk has expressed his intent to proceed growing Twitter to extend the platform’s attain and engagement.
Current Twitter updates have seen the worth of DOGE rally. Nonetheless, studies of the event of Twitter Coin might see the top of this affluent relationship between Elon “The Dogefather” Musk and Dogecoin.
A Glorified Rewards System?
Including gasoline to the rumors, Jane Manchun Wong just lately tweeted that Twitter could be on the cusp of rolling out the brand new “Cash” characteristic.
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Twitter is engaged on Cash buying screenOn the net, Twitter Cash buy shall be completed by Stripe https://t.co/RFpWswnZfG pic.twitter.com/eAzPWjfoye— Jane Manchun Wong (@wongmjane) January 10, 2023
Twitter Cash will reportedly be bought with fiat foreign money through Stripe and will not contain crypto in any type. Preliminary leaks counsel that the Cash will reward different customers for posting particular person tweets utilizing Twitter Cash, much like the Reddit Award System.
Disregarding a Affluent Historical past?
Elon Musk has an extended historical past with Dogecoin. The Tesla (NASDAQ:) CEO first started mentioning DOGE in December 2020 when he tweeted:
“Dogecoin is the folks’s crypto”.
Since then, Musk has been actively concerned within the promotion of the meme coin on Twitter. Dogecoin rose in worth after Musk’s endorsements, seeing a 28% improve simply 24 hours after the information of his Twitter acquisition surfaced.
DOGE persistently rose as he made additional feedback, to the purpose the place something Elon Musk tweeted resulted within the meme coin rallying, as seen within the current unrelated Twitter updates.
Dogecoin began as an web joke in 2013 however has turn out to be some of the fashionable cryptocurrencies, with a peak market capitalization of $88.8 billion as of Might 2021. The meme coin shortly attracted an keen neighborhood, the help of which propelled DOGE to rank ninth amongst cryptocurrencies by market capitalization, in keeping with CoinMarketCap.
Though hypothesis had been rife that Twitter would implement a DOGE cost scheme following Musk’s acquisition, the developments round Twitter Coin and its related options might see Dogecoin moved to the sidelines.
On the Flipside
- Crypto Twitter is anticipating the precise particulars of how the Twitter Coin system will work, as no official statements have been made.
- Dogecoin founder Billy Markus stays constructive concerning the reported roll-out of the brand new Twitter Cash characteristic.
Why You Ought to Care
Whereas Twitter Cash might be detrimental to Dogecoin, introducing a brand new cryptocurrency might open doorways to the widespread adoption of crypto.
Discover out extra concerning the Elon Musk x Dogecoin saga:
Dogecoin (DOGE) Grows 7% as Elon Musk Rolls Out New Twitter Options
See unique on DailyCoin
