The Billionaire Entrepreneur Elon Musk has confirmed that he intends to integrate payments into what he describes as Twitter 2.0 – “The Everything App” – which caused a short-lived 19.4% rise in the price of the Dogecoin (DOGE) cryptocurrency inspired by the memes.
The new CEO of Twitter revealed his plans in a November 27 tweet to his 119.2 million followers, in which he shared several slides. from a recent “Twitter company talk”.
Slides from my Twitter company talk pic.twitter.com/8LLXrwylta
— Elon Musk (@elonmusk) November 27, 2022
Slides from my talk about the company Twitter pic.twitter.com/8LLXrwylta
Although Musk made no mention of DOGE in the tweet or accompanying slides, this did not seem to stop some investors from hoping that Dogecoin was involved somehow.
Payments in Dogecoin? @elonmusk #doge pic.twitter.com/DVn93nfdeg
—Gail Alfar (@GailAlfarATX) November 27, 2022
Payments in Dogecoin? @elonmusk #doge pic.twitter.com/DVn93nfdeg
According to data from CoinGecko, Dogecoin price rallied 19.4%, from $0.089 to $0.107, for several hours after the tweet, before cooling to $0.096 at the time of writing this article.
Other plans for Twitter 2.0 included “Advertising as Entertainment”, “Video”, “Encrypted DMs”, “Long Tweets” and “Relaunch of Blue Verified”.
The data on the slides also suggest that Musk’s acquisition of the company has already had an impact, with the social network hitting an all-time high in terms of “new user signups” and “active user minutes,” which were up an 86% increase and a 30%, respectively, during the last week compared to the same seven-day period in 2021.
Rumors about plans for a Twitter crypto wallet surfaced in October after popular tech blogger Jane Manchun Wong speculated in an Oct. 27 tweet that the company had already begun work on a prototype wallet. which supports cryptocurrency deposits and withdrawals, leading to a DOGE price tag of 40% at the time.
Lior Yaffeco-founder of Swiss-based blockchain software company Jelurida, recently told Cointelegraph that even if Musk integrated Dogecoin into Twitter, it would not be a smart move.:
“Even if they do manage to build a payment system around Twitter, there are much better blockchain solutions than Dogecoin to choose from when it comes to security, privacy, smart contracts, and scaling.”
Daniel ElsaweyCEO and co-founder of decentralized exchange (DEX) TideFi, also recently told Cointelegraph that while integration is possible, its usefulness on Twitter would be strictly limited to payments.:
“Since DOGE cannot directly interface with smart contracts as part of its original design, I would say that unless it is specifically used as a payment option, the associated use cases will remain speculative.”
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