Dogecoin Rises After Elon Musk Reveals Twitter 2.0 development Hints

Tradingnewspaper – Dogecoin Rises. Elon Musk, a billionaire entrepreneur, has confirmed that he intends to integrate payments into what he calls Twitter 2.0, “The Everything App,” causing a 19.4% spike in the price of the cryptocurrency Dogecoin (DOGE).

In a tweet sent on November 27 to his 119.2 million followers, Twitter’s new CEO shared a few slides from his recent “Twitter company talk.”

Even though Musk didn’t say anything about DOGE in the tweet or the slide that went with it, some investors still seem to think that Dogecoin will be involved.

Several hours after the tweet, the price of Dogecoin jumped 19.4% from $0.089 to $0.107, according to CoinGecko data, before settling to $0.096 at the time of writing.

Musk’s vision for Twitter 2.0 also includes “Ads as Entertainment,” “Videos,” “Encrypted Direct Messages,” “Long Form Tweets,” and “Relaunch Blue Verified.”

The data from the slides also shows that Musk’s takeover of the company has had an effect, with the social media platform reaching all-time highs for “new user registrations” and “user active minutes” over the past week compared to the same seven-day period in 2021.

Jane Manchun Wong, a prominent tech blogger, tweeted on October 27 that Twitter had begun developing a wallet prototype that supports cryptocurrency deposits and withdrawals, causing DOGE’s price to increase by 40% at the time.

Lior Yaffe, co-founder of Swiss blockchain software company Jelurida, recently told Cointelegraph that Musk’s decision to add Dogecoin to Twitter is not smart.

There are much better blockchain solutions than Dogecoin when it comes to security, privacy, smart contracts, and scalability.

Daniel Elsawey, CEO and co-founder of decentralized exchange (DEX) TideFi, recently told Cointelegraph that integration is technically possible, but its use on Twitter will be limited to payments.

Since DOGE was not made to interact directly with smart contracts, I would say that the associated use cases will remain hypothetical unless DOGE is used as a payment option.

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