When billionaire entrepreneur Elon Musk declared his intention to integrate payments into what he refers to as Twitter 2.0, “The Everything App,” the price of Dogecoin briefly increased by 19.4%. (DOGE).
The new Twitter CEO announced his aims to his 119.2 million followers via Twitter on November 27 by sharing numerous slides from a recent “Twitter corporate talk.”
Musk did not mention DOGE in the tweet or the accompanying slides, but this did not prevent some investors from speculating that Dogecoin may be involved.
CoinGecko indicates that many hours after the tweet, the price of Dogecoin (DOGE) rose by 19.4 percent, from $0.089 to $0.107, before leveling off at $0.096 at the time of writing.
Musk’s concept for Twitter 2.0 also includes “Advertising as Entertainment,” “Video,” “Encrypted DMs,” “Longform Tweets,” and the “Relaunch Blue Verified.”
In terms of “new user signups” and “user active minutes,” the social media platform has reached an all-time high, with gains of 86% and 30%, respectively, compared to the same seven days in 2021.
In October, the price of DOGE increased by 40% when popular tech blogger Jane Manchun Wong tweeted on the 27th that the company has begun developing a cryptocurrency wallet prototype that allows for deposits and withdrawals.
“Even if they do manage to build a payment system around Twitter, there are much better blockchain solutions than Dogecoin to choose from with regards to security, privacy, smart contracts and scaling.”
Even if they succeed in developing a payment system based on Twitter, there are more secure, private, scalable, and smart contract-capable blockchain systems than Dogecoin.
Daniel Elsawey, CEO and co-founder of TideFi, recently informed Cointelegraph that the link is theoretically conceivable, but its use on Twitter will be confined to payment processing.
“Given that DOGE cannot directly interact with smart contracts as part of its original design, I would say that unless it’s specifically used as an option for payment, the use cases associated will continue to remain speculative.”