Billionaire entrepreneur Elon Musk has confirmed that he intends to integrate payment functionality into Twitter 2.0 and what he describes as “The Everything App,” with the launch of the meme-inspired cryptocurrency Dogecoin (DOGE). The price temporarily increased by 19.4%.
The new Twitter CEO revealed the plans to his 119.2 million followers in a tweet on Nov. 27, sharing some slides from his recent “Twitter company story.”
Slides from my Twitter company story pic.twitter.com/8LLXrwylta
— Elon Musk (@elonmusk) November 27, 2022
Musk didn’t mention DOGE in his tweet or attached slides, but some investors didn’t seem to expect Dogecoin to be involved in any way.
Pay with Dogecoin? @elonmusk #doge pic.twitter.com/DVn93nfdeg
— Gail Alpha (@GailAlfarATX) November 27, 2022
according to The price of Dogecoin (DOGE) jumped 19.4% from $0.089 to $0.107 in the hours after the tweet, and cooled to $0.096 at the time of writing, according to data from CoinGecko.
Other plans cited as part of Musk’s vision for Twitter 2.0 include “ads as entertainment”, “videos”, “encrypted DMs”, “longer tweets” and “relaunching Blue Verified”. was included.
The data on the slide also suggests that Musk’s acquisition of the company is already having an impact, with the social media platform hitting all-time highs in terms of new user signups and user active time. , an increase of 86%, and an increase of 30% each last week compared to the same seven days in 2021.
Related: Is DOGE really worth the hype, even after Musk’s acquisition of Twitter?
In October, popular tech blogger Jane Manchun Wong tweeted on October 27 that Twitter had already started developing a prototype wallet that would support cryptocurrency deposits and withdrawals, and that it was the DOGE price. Rumors surfaced about Twitter’s cryptocurrency wallet plans after speculating that it led to the surge. 40% at the time.
Lior Yaffe, co-founder of Switzerland-based blockchain software company Jelurida, recently told Cointelegraph that even if Musk integrated Dogecoin into Twitter, it would not be a wise decision.
“Even if they could build a payment system around Twitter, they would still have a much better blockchain solution choice than Dogecoin when it comes to security, privacy, smart contracts, and scaling.”
Daniel Elsawey, CEO and co-founder of decentralized exchange (DEX) TideFi, also recently told Cointelegraph that integration is possible, but its usefulness on Twitter will be strictly limited to payments. .
“Given that DOGE cannot interact directly with smart contracts as part of its original design, we can say that the use cases involved remain speculative unless specifically used as a payment option.”
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