Since last week's acquisition of Twitter, it is the first time Elon Musk has publicly tweeted about Dogecoin (DOGE). Musk has always been open about his support for the meme coin and how it would be an excellent complement to Twitter's supported cryptocurrencies.
(DOGE) will be available on the Twitter platform very soon.
Elon Musk recently tweeted a picture of a Shiba Inu dog wearing a Twitter t-shirt. As a result, this adds fuel the current speculation that he may soon accept DOGE payments on his newly acquired social media platform.
Elon Musk has openly spoken about his favourite memecoin DOGE for the first time since the Twitter acquisition. The tweet has prompted the DOGE price to skyrocket once again. At the time of writing, DOGE is trading 15.68% higher at $0.14, with a market valuation of $18.3 billion.
On a weekly basis, DOGE is up more than 125%. Since the weekend rally, there has been a significant increase in public interest in cryptocurrency. As per a report from an on-chain data provider:
“Despite the fact that most crypto has fallen into the negatives after a strong weekend, Dogecoin is still up 9% in the last 24 hours. As crowd hype triggered local peaks and crowd fear anticipated bottoms, social dominance has been the dominant indicator.”
Elon Musk & Dogecoin
In recent years, Elon Musk has been an outspoken promoter of Dogecoin. In fact, Musk believes Dogecoin is superior to Bitcoin for making daily crypto payments.
Musk's support for Dogecoin has previously resulted in multiple rallies. Despite the recent tweet, the DOGE price increased by 15% in a matter of minutes. Many market analysts anticipate that with Elon Musk's purchase of Twitter, DOGE payments will soon be available on the social media platform.
DOGE has experienced an incredible rally and is now trading at levels last seen in May 2022, prior to the market crash. Cardano founder Charles Hoskinson has expressed interest in bringing DOGE to Twitter.
Dogecoin has finally found a use case. If Elon decides to use it for Twitter, there will be 200 million users and a usecase. That's far more genuine than memes, he wrote.
Furthermore, he also stated that Dogecoin may function as an ADA sidechain and would perform the integration for free.
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