Long-term tailwind ?: This could mean Twitter hijacking Dogecoin | News

• Elon Musk has been a long time Dogecoin fan
• The DOGE community hopes to be integrated as a payment option on Twitter
• Cryptocurrency experts disagree on Twitter’s impact on Dogecoin’s price

A few weeks ago, Tesla boss Elon Musk surprised the world with the news that he wants to take over the Twitter social network for several billion dollars. The news affected not only the share price of the short message service, the DOGE cryptocurrency also appeared during the acquisition. As CryptoWallet.com writes, searches for “Buy Dogecoin” increased by a whopping 392 percent on April 25, 2022, when Twitter approved the acquisition.

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In the past, the visionary Musk had a big influence on Dogecoin’s playful currency and repeatedly caused price spikes through individual statements. The CEO of Tesla calls himself “Dogefather” and has already announced that the car manufacturer’s goods can be paid in cryptocurrency.

Will Dogecoin be integrated with Twitter?

This now fuels DOGE fans’ hopes that a Twitter post could spur crypto initiatives in the short message service. So there is already an option that tips can be paid in Bitcoin or Ethereum. This option could possibly be extended to DOGE accordingly.

Long-term uptrend?

On April 25, DOGE’s price rose 27 percent to $ 0.1677 via CoinMarketCap at its highest. DailyFX analyst Tammy Da Costa told TheStreet with optimism that this increase could be a long-term trend: “With 87.8 million Twitter followers, Dogecoin could continue to grow if the decision to use a coin as a payment method increases the institution’s interest. Now that thousands of cryptocurrencies exist.” tradable, blockchain is where “value” resides.

Unicoin founder Alex Konanykhin also told TheStreet: “The purchase of Twitter by Elon Musk could shake the cryptocurrency market as most cryptocurrencies have no assets, but only perceive value.”

More than just a Twitter app

Cryptocurrency expert Frank Corva told the industry portal that Musk’s preference for Dogecoin may be due to the fact that he has more influence here: “Since there are no hard limits on the number of DOGE coins you can create, Musk can exercise more control over DOGE’s monetary policy than Bitcoin, which is limited. ”

Moreover, Corva believes that the occasional Dogecoin references, such as the funny DOGE memes that Tesla boss likes to post on Twitter, are no longer capable of giving real fun currency. To achieve this, real news is needed: “In order for Musk to cause another dramatic spike in the price of DOGE, he would probably have to announce that he means something relevant to the cryptocurrency, given that over the past 11 months his joking rhetoric has been about DOGE. it wasn’t really a price anymore ”.

Take care of technical construction sites

Nimbus Platform CEO Alex Lemberg also spoke to TheStreet about Dogecoin and Twitter. He stressed that the cryptocurrency will first need to fine-tune its technical implementation to address some “underlying problems” such as the “inflation structure” before a dog’s coin could rise in the long run. In addition, the expert warned that more cryptocurrency integration could lead to an uptrend, but according to him, “it would need more than Twitter to make a big impact in the long run.” The DOGE course returned shortly after the announcement of Twitter’s acquisition, which shows that “the community is also questioning the impact that Twitter may have on DOGE.”

Time will tell how ultimately the cryptocurrency will continue to function and whether it will be integrated with Twitter as a payment option at all. Most recently, Dogecoin was traded at $ 0.1035 (as of May 11, 2022).

Editors of finanzen.net

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