Social media platform Twitter has been dabbing into crypto for the previous years, and the latest Elon Musk takeover may open the door to rising these efforts with Dogecoin (DOGE) on the middle. The entrepreneur will implement adjustments to the platform. This risk has created lots of expectations from crypto buyers.
In line with a report from Bloomberg, there may be rising hypothesis on how Elon Musk may incorporate cryptocurrencies into Twitter. The social media platform enabled customers to ship and obtain Bitcoin and Ethereum transactions and set non-fungible tokens (NFTs) as profile photos.
These options may be simply the tip of the iceberg underneath Elon Musk’s management. The billionaire is a well known DOGE supporter, and the market is pricing any future implementation of the meme coin in present or future options.
These adjustments may enhance DOGE’s adoption and permit it to realize parity with the U.S. greenback. In 2021, the “Dogecoin to $1” promise took the meme coin into value discovery. At its excessive, and with the assist of Elon Musk’s tweet, DOGE reached over $0.75.
Will Elon Musk Let DOGE Out On Twitter?
Satirically, the 2021 Dogecoin bull run ended attributable to an Elon Musk-related occasion. The entrepreneur and CEO at Tesla hosted “Saturday Evening Reside,” making a “purchase the rumor, sells the information” commerce.
In that sense, it appears logical that one other Elon Musk occasion is pumping the worth of Dogecoin underneath new expectations of future appreciation. The market is positively pricing in any Dogecoin (DOGE) announcement. This expectation helps a mini-DOGE rally.
On the Musk-owned social media platform, crypto buyers debate the Dogecoin rally and its position on Twitter. Some imagine Musk is creating one other value bubble main buyers to large losses.
This pump is solely a results of rumors @elonmusk making $DOGE a forex on @Twitter. Which he most likely received’t and this bubble will burst exhausting when he kills the rumor.
— Erik Lippmann (@objective_cesar) October 29, 2022
Others, akin to social media skilled Joey Hickson wrote the next on the potential implications for DOGE, meme cash, and cryptocurrencies basically underneath Musk’s management:
When you’re nonetheless not making an attempt to grasp crypto & meme cash after Elon Musk shopping for Twitter then you’re about to be very dissatisfied you didn’t.
Binance Will Assist Reshaped Twitter
The consolidation of Musk’s Twitter takeover has introduced further info to gentle relating to the entities backing him. Amongst these events is the crypto alternate Binance.
Per a report from Yahoo Finance, the crypto alternate dedicated $500 million to assist Musk’s supply. This dedication permits Binance to have a stake in one of many largest social media platforms on the planet.
Sooner or later, this stake will materialize in new Web3 and crypto ventures to totally understand the imaginative and prescient of “Crypto Twitter.” Changpeng “CZ” Zhao, CEO of Binance, stated the next concerning the alternate’s potential position within the firm:
We’re excited to have the ability to assist Elon understand a brand new imaginative and prescient for Twitter. We intention to play a job in bringing social media and Web3 collectively with the intention to broaden the use and adoption of crypto and blockchain expertise.
