At its biggest high of the year, Dogecoin (DOGE) is ignoring the crypto winter after Elon Musk took control of Twitter. With a rise of 144% in four days, DOGE has already left even the giants Solana (SOL) and Cardano (ADA) behind. As a result, the largest memecoin on the market now ranks as the 8th largest cryptocurrency, with a difference of just $2 billion in market cap to Binance’s stablecoin, BUSD, seventh on the list.
Dogecoin (DOGE) overtakes Solana and Cardano to become the 8th largest cryptocurrency on the market. While it is too early to say that Dogecoin will play a role within Twitter, some clues point out that this is inevitable. As an example, both Tesla and SpaceX, two other Elon Musk companies, already accept DOGE as payment for some products. In addition, the billionaire himself has already shown interest in sharing Twitter’s earnings with his users, which could be a major transformation of the social network, now considered by many to be dead.
“Also, Twitter must find a way to compensate/monetize its top creators [de conteúdo]. Like any other social media app.” suggested a user. “A small percentage [de usuários] creates all the high-engagement content and keeps the site alive.”
“Absolutely,” replied Elon Musk.
Absolutely — Elon Musk (@elonmusk) October 27, 2022
So it’s possible that Musk has plans to pay Twitter users in Dogecoin, just as YouTube, for example, pays content creators in dollars. In addition, it can also accept memecoin from advertisers, creating a cycle. Even Cardano founder Charles Hoskinson acknowledged how the Musk acquisition could define Dogecoin’s future.
“Now that Twitter is in Elon Musk’s hands, I can see a real possibility that Doge will integrate with the platform in some way.”
Now that Twitter is in the hands of @elonmusk I can see the real possibility that doge will somehow merge with the platform. — Charles Hoskinson (@IOHK_Charles) October 28, 2022
Other Cryptocurrency Use Cases Within Twitter
In addition, it is worth noting that even Binance, the company that helped Musk with half a billion dollars, has already created a team to help with the integration of cryptocurrencies on the social network, according to information from Bloomberg.
“Binance is building an in-house team to focus on ways in which blockchain and cryptocurrencies can be useful for Twitter, looking for plans and strategies that can help Elon Musk implement his vision.”
Following, Twitter was one of the first social networks to display NFTs as avatars and rumors indicate that the company was already working in partnership with NFTs markets on creating its own cryptocurrency wallet, all of this even before the acquisition by Elon Musk. Finally, it is worth remembering that the billionaire is also looking to create a “super application”, called X. This name refers to his website X.com, abandoned after its merger with PayPal in 2000. Therefore, everything indicates that cryptocurrencies are part of X and that DOGE, Musk’s favorite cryptocurrency, plays a prominent role in it. Another point, perhaps the biggest one, would be the fight against bots on Twitter. After all, many believe that a subscription system, whether using Bitcoin’s Lightning Network or Doge, could contain a good part of them due to a cost that, while minimal for individuals, would be large for those who manage many accounts.
