How Dogecoin can be included in Twitter 2.0
After acquiring Twitter for $44 billion in 2022, it’s clear that Elon Musk’s plans for the social media platform are very ambitious.
Speculation around the platform has intensified since Musk decided to share slides from a November 2022 corporate keynote on Twitter that detailed plans for what the world-renowned entrepreneur described as “Twitter 2.0: The EverythingApp.”
Musk’s plans for Twitter 2.0 detail many new features designed to optimize the platform, including a mysterious “payments” slide left blank in published material.
But can this payment system include Dogecoin? How will Dogecoin fit into Twitter?
Using cryptocurrencies to generate income streams
Twitter “has to make money somehow,” Elon Musk warned when the company’s new owner announced plans for a premium verification service on the platform.
Musk also admitted that Twitter in its current format was losing $4 million a day, which likely served as a catalyst to accelerate plans for Twitter 2.0. But how can cryptocurrencies help transform the platform into a thriving social environment?
While Musk’s fixation on the meme-based cryptocurrency Dogecoin has long been known (his tweets caused Dogecoin’s price to soar), the coin’s track record makes it a prime candidate for digital currency conversion. This can be accepted for digital payments on Twitter.
Since this currency was created as a joke by a developer who left it a long time ago, a social network like Twitter can give it a much-needed boost. Other assets such as bitcoin that exist today as a store of wealth may struggle to achieve the same results.
For a globally focused social network like Twitter, integrating cryptocurrency into the platform could be a game-changing step towards becoming a truly “universal app”. Whether it’s creating an integrated virtual wallet to pay for premium features like Twitter Blue or enabling one-click shopping for products tagged in posts in the future, Twitter can become an advertising heavyweight with a functional payment system like Amazon on a global scale.
The utility of cryptocurrency could also make one of the key features of Twitter 2.0 a reality by helping to create more revenue streams to ensure the platform’s long-term viability by embracing “advertising as entertainment” more broadly.
Implementation of cryptocurrency on Twitter
Cryptocurrency adoption on Twitter is already underway, with decentralized financial ecosystem assets such as NFTs taking center stage in Twitter 2.0.
Long before Musk’s arrival, Twitter added a feature that allowed users to display their NFTs as specially designated profile pictures, making blockchain-based assets significantly more functional for their owners.
In addition, in October 2022, it was revealed that the platform plans to allow users to buy and sell their NFTs on tweets through in-app auctions.
While Twitter has a rich history of working with blockchain elements like NFTs and introducing them to the social media landscape, the arrival of high-profile cryptocurrency advocate Elon Musk will accelerate this trend. .
Will Dogecoin Become Twitter’s Currency?
Investors’ enthusiasm for the future collaboration between Twitter and DOGE is undeniable. In fact, Dogecoin’s performance has been boosted by Musk’s 2022 acquisition of Twitter and the suggestion that his vision for the future of the platform could include the cryptocurrency.
During January 2023, DOGE is up more than 13% as investors bet on growing crypto presence on Twitter. Indeed, when the CEO of Tesla and SpaceX completed the purchase of the social network on October 27, 2022, DOGE experienced a rally that saw the value of the asset rise from $0.06 to $0.14.
Due to Dogecoin’s large circulating supply of approximately 138 billion coins and relatively low cost, this cryptocurrency is a valid candidate to be used as the native currency of a social network such as Twitter. However, Mr. Musk may also consider introducing his own more sophisticated cryptocurrency to support Twitter.
When it comes to Dogecoin, expect volatility.
If there is one thing that is likely for Dogecoin’s future, it is market volatility. A token driven almost entirely by market sentiment, the relationship between Elon Musk and Dogecoin has resulted in wild ups and downs for investors.
Given the unpredictability of Musk wanting to control the future of Twitter, we will see more DOGE volatility and high levels of speculation around the coin.
Is DOGE worth buying? If you’re looking to buy a high-risk asset, Dogecoin could be an interesting option, but Musk remains unclear on exactly how payments will be made in the future of Twitter 2.0, and DOGE should be considered nothing more than a meme token in this case. point.
