Social media platform Twitter has been dabbing into crypto for the past years, and the recent Elon Musk takeover might open the door to growing these efforts with Dogecoin (DOGE) at the center. The entrepreneur will implement changes to the platform. This possibility has created a lot of expectations from crypto investors.
According to a report from Bloomberg, there is growing speculation on how Elon Musk might incorporate cryptocurrencies into Twitter. The social media platform enabled users to send and receive Bitcoin and Ethereum transactions and set non-fungible tokens (NFTs) as profile pictures.
These features might be just the tip of the iceberg under Elon Musk’s leadership. The billionaire is a well-known DOGE supporter, and the market is pricing any future implementation of the meme coin in current or future features.
These changes could boost DOGE’s adoption and allow it to achieve parity with the U.S. dollar. In 2021, the “Dogecoin to $1” promise took the meme coin into price discovery. At its high, and with the support of Elon Musk’s tweet, DOGE reached over $0.75.
Will Elon Musk Let DOGE Out On Twitter?
Ironically, the 2021 Dogecoin bull run ended due to an Elon Musk-related event. The entrepreneur and CEO at Tesla hosted “Saturday Night Live,” creating a “buy the rumor, sells the news” trade.
In that sense, it seems logical that another Elon Musk event is pumping the price of Dogecoin under new expectations of future appreciation. The market is positively pricing in any Dogecoin (DOGE) announcement. This expectation supports a mini-DOGE rally.
On the Musk-owned social media platform, crypto investors debate the Dogecoin rally and its role on Twitter. Some believe Musk is creating another price bubble leading investors to massive losses.
This pump is purely a result of rumors @elonmusk making $DOGE a currency on @Twitter. Which he probably won’t and this bubble will burst hard when he kills the rumor.
— Erik Lippmann (@objective_cesar) October 29, 2022
Others, such as social media expert Joey Hickson wrote the following on the potential implications for DOGE, meme coins, and cryptocurrencies in general under Musk’s leadership:
If you’re still not trying to master crypto & meme coins after Elon Musk buying Twitter then you are about to be very disappointed you didn’t.
Binance Will Help Reshaped Twitter
The consolidation of Musk’s Twitter takeover has brought additional information to light regarding the entities backing him. Among these parties is the crypto exchange Binance.
Per a report from Yahoo Finance, the crypto exchange committed $500 million to support Musk’s offer. This commitment allows Binance to have a stake in one of the largest social media platforms in the world.
In the future, this stake will materialize in new Web3 and crypto ventures to fully realize the vision of “Crypto Twitter.” Changpeng “CZ” Zhao, CEO of Binance, said the following about the exchange’s potential role in the company:
We’re excited to be able to help Elon realize a new vision for Twitter. We aim to play a role in bringing social media and Web3 together in order to broaden the use and adoption of crypto and blockchain technology.
Source: https://bitcoinist.com/twitter-will-embrace-doge-crypto-under-elon-musk/