11-28-2022 icon

Dogecoin shows optimism in response to Elon Musk’s Twitter 2.0 proposal

By Lucy Adegbe

Prominent investor and owner of Twitter, Elon Musk, has corroborated claims that he plans to introduce a Twitter payment system which he tags as Twitter 2.0, “The Everything App,” causing a momentary 19.4% increase in the value of the meme coin DOGE.

The new chair of the social media platform disclosed this information in a Sunday Twitter post, displaying diverse slides from a twitter organization discussion.

Although Musk’s tweet excluded comments relating to Dogecoin, some investors have maintained optimism that the update would somehow involve Dogecoin.

As displayed by charts from CoinGecko, the market value of DOGE saw a momentary increase of 19.4%, which pushed the coin from an initial $0.089 to $0.107 for some hours after Musk’s tweet. 

Sime other intents included in Musk’s slide uploaded for twitter 2.0 are “Advertising as Entertainment, Encrypted DMs, Longform Tweets,” as well as reintroduced blue tick validation.

Analysis from the update added that Musk’s recent involvement, since the completed Twitter acquisition, has positively affected the social media protocol, earning it an 86% increase in new member registration. “User active minutes” have surged by 30% in the past week when compared to weekly statistics from the previous year.

Lior Yaffe, the co-owner of Switzerland-located digital ledger software protocol noted, during a Cointelegraph address, that Musk’s attempt to utilize Dogecoin integration would be a less rational decision as there are more secured smart contract options for better scalability.

Currently, Dogecoin is selling for around $0.096, as of the time of the report.