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Dogecoin jumps after Elon Musk shares glimpse into Twitter 2.0 plans

Dogecoin jumps after Elon Musk shares glimpse into Twitter 2.0 plans thumbnail
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Billionaire entrepreneur Elon Musk has confirmed that he intends on integrating funds into what he describes as Twitter 2.0 — “The Everything App” —  fuelling a short-lived 19.4% worth surge for meme-inspired cryptocurrency Dogecoin (DOGE).

The new Twitter CEO revealed his plans in a Nov. 27 tweet to his 119.2 million followers, wherein he shared a number of slides from a current “Twitter firm discuss.”

While Musk made no point out of DOGE within the tweet or within the hooked up slides, this didn’t seem to cease some buyers from being hopeful that Dogecoin can be concerned in a roundabout way.

According to information from CoinGecko, Dogecoin’s (DOGE) worth surged 19.4% from $0.089 to $0.107 over a number of hours after the tweet earlier than cooling off to $0.096 on the time of writing.

Other plans listed as a part of Musk’s imaginative and prescient for Twitter 2.0 included “Advertising as Entertainment,” “Video,” “Encrypted DMs,” “Longform Tweets” and “Relaunch Blue Verified.”

Data from the slides additionally recommend that Musk’s takeover of the corporate has already made an impression, with the social media platform reaching an all-time excessive when it comes to “new person signups” and “person energetic minutes,” which have been up 86% and 30% respectively over the past week compared to the identical seven day interval in 2021.

Related: Is DOGE actually well worth the hype even after Musk’s Twitter buyout?

In October, rumors surfaced of Twitter’s crypto pockets plans after widespread tech blogger Jane Manchun Wong speculated in a Oct. 27 tweet that the the corporate had already begun engaged on a pockets prototype that helps cryptocurrency deposits and withdrawals, which led to a DOGE worth surge of 40% on the time.

Lior Yaffe, the co-founder of Switzerland-based blockchain software program firm Jelurida not too long ago advised Cointelegraph that even if Musk have been to combine Dogecoin onto Twitter, it wouldn’t be a smart resolution:

“Even in the event that they do handle to construct a cost system round Twitter, there are significantly better blockchain options than Dogecoin to select from on the subject of safety, privateness, good contracts and scaling.”

Daniel Elsawey, CEO and co-founder of decentralized alternate (DEX) TideFi additionally not too long ago advised Cointelegraph that whereas the combination is feasible, its utility on Twitter can be strictly restricted to funds:

“Given that DOGE can’t straight work together with good contracts as a part of its authentic design, I’d say that except it’s particularly used as an choice for cost, the use instances related will proceed to stay speculative.”

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