Elon Musk To Use Dogecoin For Twitter Payments?

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Following Elon Musk’s recent acquisition of Twitter, there is speculation about the “availability of monetary transactions in the Twitter space or not.” As Twitter is trying to find new sources of revenue, it may expand beyond its current services.

Elon Musk has publicly revealed peer-to-peer transactions with bank accounts and debit cards.

Twitter has allegedly filed a registration as a payment processor with the US Treasury. If the proposal is accepted, then Twitter’s “Super App” could launch sooner, where Twitter will be an all-in-one platform and cryptocurrency will play a significant role.

Indeed, Elon is a big supporter of Dogecoin, so payments may naturally include Dogecoin. Dogecoin is not confirmed, but this is the perception of the market.

Elon Musk may add “Dogecoin” as a payment option on Twitter

According to a recent Financial Times report, Twitter is looking to implement a new payment system, most likely using the altcoin “Dogecoin.”

Although it is not an official announcement, several conclusions are being made in favor of Dogecoin as Elon invoked the DOGE-hype again in the late January 2023.

On January 25, he tweeted that if the giant fast food company McDonalds accepts Dogecoin, he would eat a happy meal on TV.

This tweet shook the Dogecoin market, propelling its value from $0.08312 on the day to $0.09315 today (February 2), with a peak of $0.09698 on February 1.

Dogecoin gained 16.67% between January 25 and February 1.

Dogecoin value after Elon Musk's Tweet
Dogecoin value after Elon Musk’s Tweet | Image via Moneybinds and CoinMarketCap

Many other popular Tweeter handles started tweeting about the same topic and the subject is getting hotter day by day.

@DogecoinRide started a discussion on if people think Elon Musk will use $DOGE for Twitter payments. Here are some top replies on this tweet:

Final Thoughts

If Twitter declares that DOGE will be accepted for Twitter payments, dogecoin has an outrageous chance of breaking its all-time high.

It is seen in the market that Elon is a big supporter and promoter of the meme coin, which was created as a joke in 2013. Elon’s tweets have revived and criticized Dogecoin in both ways, leading to a major fluctuation in its value.

In recent tweets, we can see Elon invoking many giant companies to include DOGE coin as their payment processor.

Elon has not just tweeted and talked about Dogecoin, but he has included Dogecoin as a payment gateway for official Tesla items and merchandise.

If Twitter’s application to become a payment processor is approved, the inclusion or exclusion of Doge from the Twitter space will increase the value of Doge in some way.

Disclaimer: This article solely reflects the opinions of the author and should strictly not be taken as investment advice. Readers are highly encouraged to do complete research and make critical decisions on their own.

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Nima Tamang
Nima Tamang

Nima Tamang is a cryptocurrency and blockchain analyst with a keen interest in exploring the intersection of traditional finance and emerging technologies. As a regular contributor to Moneybinds.com, Nima shares insights and analysis on the latest developments in the crypto, blockchain, and NFT space, helping readers stay informed and make informed investment decisions.

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