Dogecoin jumps after Elon Musk shares glimpse into Twitter 2.0 plans
Billionaire entrepreneur Elon Musk has confirmed that he intends on integrating payments into what he describes as Twitter 2.0 — “The Everything App” — fuelling a short-lived 19.4% price surge for meme-inspired cryptocurrency Dogecoin (DOGE).
The new Twitter CEO revealed his plans in a Nov. 27 tweet to his 119.2 million followers, in which he shared several slides from a recent “Twitter company talk.”
Slides from my Twitter company talk pic.twitter.com/8LLXrwylta
While Musk made no mention of DOGE in the tweet or in the attached slides, this didn’t appear to stop some investors from being hopeful that Dogecoin would be involved in some way.
Payments in Dogecoin? @elonmusk #doge pic.twitter.com/DVn93nfdeg
According to data from CoinGecko, Dogecoin’s (DOGE) price surged 19.4% from $0.089 to $0.107 over several hours after the tweet before cooling off to $0.096 at the time of writing.
Other plans listed as part of Musk’s vision for Twitter 2.0 included "Advertising as Entertainment," “Video,” “Encrypted DMs,” “Longform Tweets” and “Relaunch Blue Verified.”
Data from the slides also suggest that Musk’s takeover of the company has already made an impact, with the social media platform reaching an all-time high in terms of “new user signups” and “user active minutes,” which were up 86% and 30% respectively over the last week in comparison to the same seven day period in 2021.
Related: Is DOGE really worth the hype even after Musk’s Twitter buyout?
In October, rumors surfaced of Twitter’s crypto wallet plans after popular tech blogger Jane Manchun Wong speculated in a Oct. 27 tweet that the the company had already begun working on a wallet prototype that supports cryptocurrency deposits and withdrawals, which led to a DOGE price surge
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