Elon Musk Tweets Sending A Hint of Bringing Dogecoin to Twitter

01. Nov 2022 Posted by Akolkar B on News

Ever since Elon Musk has acquired Twitter in a $4 billion deal last week, speculations have been strong enough that Dogecoin (DOGE) will come to the social media platform as a payments option in the future.

As a result, the Dogecoin (DOGE) price has been rallying like crazy over the last week gaining nearly 150% in just seven days. As of press time, Dogecoin (DOGE) is trading at $ 0.139917 with a market cap of $18.08 billion.

Earlier today, Elon Musk shared a Halloween picture of his Shiba Inu dog wearing a Twitter t-shirt. Although the caption just reads a wink emoji, Elon Musk has been teasing around with his followers hinting that DOGE payments could soon come to the Twitter platform.

Soon after Elon Musk’s tweet, the DOGE price has jumped by another 18% today. Amid the recent price rally, Dogecoin (DOGE) is trading as the eighth-largest cryptocurrency by market cap.

Elon Musk’s buying of Twitter has got several people interested into the game. Crypto exchange Binance has offered an investment of $500 million in the entire Twitter. The platform has shown interest in working with Elon Musk and the Twitter team to address the issue of bots on the platform.

Binance said: "Binance is creating an internal team to focus on ways that blockchain and crypto could be helpful to Twitter and actively brainstorming plans and strategies that could help Elon Musk realize his vision. For example, how can we build on-chain solutions to address some of Twitter’s issues, such as the proliferation of bot accounts in recent years. We are in the early stages now and still figuring out a plan”.

The Twitter bot issue is one of the mist challenges pieces of the puzzle for the company. Precisely, for this reason, Musk was willing to back-off from his Twitter deal.

But Binance is not alone in this space. Recently, Cardano founder Charles Hoskinson also showed interest on getting Dogecoin to an ADA sidechain. As per the Cardano founder, this will help in rapidly expanding the Dogecoin ecosystem. Hoskinson said that if Dogecoin (DOGE) becomes a Cardano sidechain, he would be doing the integration for free and shall even work on adding smart contracts to the platform.