Why Bitcoin And Dogecoin Are Pumping Together: The Big Reason

In the midst of a dull bear market cycle, Bitcoin and Dogecoin are suddenly on a pump together. This comes at a time when Bitcoin (BTC) maintained the $19,300 for most part of the last 7 days. In what could be a huge boost to the BTC community, the top cryptocurrency took a huge jump in the last 24 hours. Meanwhile, DOGE has been on a steady rise in last 24 hours, rising hopes for a potential altcoin rally.

Dogecoin (DOGE), the largest memecoin by market capitalization, had the much needed pump. The rally of nearly 10% took it close to its one month high level of $0.066. As of writing, DOGE price stands at $0.06589, up 9.12% in the last 24 hours, according to price tracking platform CoinMarketCap. The rise of BTC and DOGE can be attributed to the news of Twitter’s plans to bring out a crypto wallet. A section of the crypto community felt the Twitter crypto wallet could be bullish for BTC and DOGE.

Twitter Crypto Wallet: Bitcoin and Dogecoin To Feature?

On Tuesday, reports suggested Twitter was working on launching a web 3.0 based crypto wallet product. The Twitter wallet prototype would support crypto deposits and withdrawals, reports suggested. However, Twitter has not made any official announcement on this yet. This goes in line with Elon Musk’s potential takeover of the company. Musk, who is already a huge supporter of crypto, had already encouraged crypto integration into Tesla payments.

The crypto community is optimistic that the Twitter crypto wallet would feature the likes of Bitcoin and Dogecoin at the time of launch. This speculation led to the pump of Bitcoin and Dogecoin among other top cryptocurrencies. Mason Versluis, a crypto influencer, wondered if Bitcoin, Dogecoin and Ripple would be supported in Twitter crypto wallet.

“Twitter is working on a crypto wallet prototype that supports deposits and withdrawals. Which cryptos will be supported? $DOGE? $BTC? $XRP? All of the stars are aligning, if you can see you can see, if you can’t, just wait.”

The move is yet another development in Twitter’s adoption of the web 3.0 ecosystem. Earlier this year, the social media platform rolled out NFT profile pictures for Apple users. Meanwhile, Bitcoin is making weekly gains thanks to the sudden pump. As of writing, BTC price stands at $20,238, up 4.62% in the last 24 hours.

Anvesh reports major developments around crypto adoption and trading opportunities. Having been associated with the industry since 2016, he is now a strong advocate of decentralized technologies. Anvesh is currently based in India. Follow Anvesh on Twitter at @AnveshReddyBTC and reach him out at [email protected]

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.