Twitter has dabbled in crypto over the past few years, and Elon Musk’s latest takeover could pave the way for expanding these efforts with Dogecoin (DOGE) at the center. The entrepreneur will perform platform modifications. This potential has generated a great deal of optimism among crypto investors.
According to a Bloomberg story, curiosity is mounting on how Elon Musk might integrate cryptocurrency into Twitter. The social media site allowed users to send and receive Bitcoin and Ethereum transactions, as well as put non-fungible tokens (NFTs) as profile images.
Under Elon Musk’s leadership, these features may only be the top of the iceberg. The billionaire is a well-known promoter of DOGE, and the market is currently pricing any future adoption of the meme coin in terms of its existing or future characteristics.
These modifications could increase DOGE acceptance and enable it to reach parity with the U.S. dollar. The “Dogecoin to $1” claim propelled the meme coin into price discovery in 2021. With the help of Elon Musk’s tweet, DOGE surpassed $0.75 at its peak.
Will Elon Musk Allow DOGE Out On Twitter?
Interestingly, an Elon Musk-related event terminated the 2021 Dogecoin bull run. The entrepreneur and chief executive officer of Tesla hosted “Saturday Night Live,” creating a “buy the rumor, sell the news” trade.
In this regard, it appears likely that a new Elon Musk-related event is driving up the price of Dogecoin in anticipation of its future appreciation. The market prices in favorably any Dogecoin (DOGE) announcement. This anticipation supports a modest DOGE price increase.
On the social networking platform owned by Elon Musk, crypto investors discuss the Dogecoin rise and its significance. Some worry that Musk is constructing another price bubble, which will result in significant investor 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.” Said Erik Lippmann
Others, including as social media expert Joey Hickson, have said the following about the potential implications of Musk’s leadership for DOGE, meme coins, and cryptocurrencies in general:
“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 Aid in Transforming Twitter
The consolidation of Musk’s Twitter takeover has revealed new details about the entities supporting him. Among them is the cryptocurrency exchange Binance.
Yahoo Finance said that the cryptocurrency exchange committed $500 million to support Musk’s offer. This agreement gives Binance a share in one of the world’s largest social media sites.
This investment will materialize in the form of new Web3 and crypto companies in order to fulfill the full potential of “Crypto Twitter.” Changpeng “CZ” Zhao, CEO of Binance, stated the following regarding the possible role of the exchange within 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.