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.
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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.
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.
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