What’s Ahead For Dogecoin 6 Months After Elon Musk Twitter Takeover

Anvesh Reddy
April 27, 2023
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CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
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Crypto Market: Although Elon Musk initiated several changes at Twitter since takeover, it was the brief Dogecoin logo swap that took the crypto market by storm. While the very news of Musk acquiring Twitter pumped $DOGE price in October 2022, the rally was short lived due to the FTX collapse impact. Despite the bear run dominating the sentiment, the memecoin stood benefited from Twitter takeover. Hence, after 6 months of the acquisition, DOGE might be well placed for further action in a much better environment.

Also Read: Binance’s New Initiative On Polygon Aims to Woo US Customers Amid Regulatory Scrutiny

Long before the Tesla CEO took over the social media platform, it was speculated that the company would initiate crypto based payments for various purposes, including for Twitter’s paid services. Musk introduced subscriptions for creators, paid verification and got rid of legacy blue ticks. More importantly, the list of changes is long and not yet over, as Twitter looks to enable encrypted direct messages and payments. All of the above have scope for money transfer and hence, leave potential for crypto payments, especially stablecoins and memecoins.

Dogecoin In The Mix Of Things For Elon Musk’s Twitter

Although the company is yet to make it official about introducing crypto payments, more specifically Dogecoin payments, Musk had unofficially dropped hints in his tweets. In fact, Musk ‘liked’ a tweet from a user that talked about the possibility of crypto based payments on the platform. Above all, Dogecoin enjoys the privilege of being the billionaire’s preferred choice among cryptocurrencies.

However, overall crypto market conditions are yet to favor a full blown DOGE bull run after it hit the peak in November 2022 after change of guard at Twitter. Meanwhile, much has been happening around overall adoption for the memecoin. Earlier, CoinGape reported that Binance opened new liquidity pools including for Bitcoin and Dogecoin.

Also Read: Gemini CEO Accuses US Regulators of Double Standards Amid FRC Crisis

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Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
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Why Trust CoinGape

CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.

About Author
About Author
Anvesh reports major crypto updates around U.S. regulation and market moving trends. Published over 1400 articles so far on crypto and blockchain. A proud dropout of University of Massachusetts, Lowell. Can be reached at [email protected] or x.com/BitcoinReddy or linkedin.com/in/anveshreddybtc/
Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.