HomeNewsElon Musk's Role as Dogecoin Whale Sparks Speculation, Twitter Considers Native DOGE...

Elon Musk’s Role as Dogecoin Whale Sparks Speculation, Twitter Considers Native DOGE Integration

- Advertisement -
  • Elon Musk replaced Twitter’s blue bird logo with DOGE.
  • People are speculating that a permanent DOGE payment system may be integrated on Twitter.

Dogecoin spiking due to speculation on Twitter integration

Dogecoin, the meme-inspired cryptocurrency, has recently seen a spike in value, with some speculating that a permanent payment system using DOGE could be integrated into Twitter, the microblogging platform owned by Elon Musk.

If just a small percentage of Twitter’s several million daily active users begin transacting in DOGE, the price of the cryptocurrency could rise. However, Twitter already has payment/tipping features using the U.S. dollar and the Bitcoin Lightning network, both of which are more widely used than DOGE.

Prices in the cryptocurrency market are often a reflection of market sentiment, with investors relying more on vibe than on expected returns.

Elon Musk’s past manipulation of DOGE prices

Elon Musk has previously manipulated the price of DOGE by tweeting about the cryptocurrency. Musk’s involvement with DOGE started in early 2020, when he tweeted a meme that caused the price of DOGE to jump.

Since then, he has made several tweets about the cryptocurrency, including a statement that Tesla would accept DOGE as payment and plans to bring DOGE to space with a SpaceX satellite launch. Some have speculated that Musk may be a massive holder of DOGE, though the extent of his holdings is unknown.

Investors in New York have even filed a racketeering lawsuit against Musk alleging he purposely drove up the price of DOGE by 36,000% and then shorted the cryptocurrency when it inevitably collapsed. Despite this, the evidence against Musk is considered too vague to be considered fraud.

Disclaimer: ETHNews does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products, or other materials on this page. Readers should do their own research before taking any actions related to cryptocurrencies. ETHNews is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods, or services mentioned.
Godfrey Benjamin
Godfrey Benjamin
Godfrey Benjamin is an experienced crypto journalist whose primary goal is to educate everyone about the prospects of Web 3.0. His love for crypto was sparked during his time as a former banker when he recognized the clear advantages of decentralized money over traditional payments. Business Email: info@ethnews.com Phone: +49 160 92211628