Well, Elon Musk has spilled the beans and hinted that Dogecoin (DOGE) will be coming to the Twitter platform very soon. In his recent tweet, Elon Musk shared a picture of a Shiba Inu dog wearing a Twitter shirt. Thus, this fuels the ongoing speculations that he may soon bring DOGE payments to his newly acquired platform.
– Elon Musk (@elonmusk) November 1, 2022
This is the first time after the Twitter deal that Elon Musk has spoken publicly about his favorite DOGE memecoin. The tweet was enough to drive up the price of DOGE once again. At press time, DOGE is trading up 15.68% at a price of $0.13 with a market cap of $18.3 billion.
On a weekly chart, DOGE is trading with gains of over 125%. Since the weekend rally, social interest in crypto-currency has increased significantly. As data provider Santiment reports:
Dogecoin is still +9% over the past 24 hours, despite most #crypto declining into the negative after a big weekend. Social dominance has been the main indicator, as crowd hype spikes have created local highs, and crowd fear has foreshadowed lows.
Elon Musk and the Dogecoin
Over the past few years, Elon Musk has been a strong advocate of Dogecoin. In fact, Musk believes that Dogecoin is better than Bitcoin for making daily crypto payments.
Musk’s support for Dogecoin has led to several rallies in the past. Even with the recent tweet, the price of Dogecoin skyrocketed 15% in a matter of minutes. Many market analysts believe that with Elon Musk’s acquisition of Twitter, DOGE payments may soon arrive on the social media platform.
DOGE has seen a phenomenal recovery and is currently trading at levels not seen since May 2022, before the stock market crash. Cardano founder Charles Hoskinson has also expressed interest in bringing DOGE to Twitter.
Dogecoin finally has a use case. If anyone decides to use it for twitter, then there are automatically 200 million users and a usecase. That’s a lot more real than memes
– Charles Hoskinson (@IOHK_Charles) October 30, 2022
“Dogecoin finally has a use case. If Elon decides to use it for twitter, then it automatically has 200 million users and a usecase. This is much more real than memes,” he wrote.
In addition, he also said that Dogecoin can work as an ADA sidechain and that he would do the integration for free.