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
— Elon Musk (@elonmusk) November 27, 2022
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
— Gail Alfar (@GailAlfarATX) November 27, 2022
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.
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 of 40% at the time.
Lior Yaffe, the co-founder of Switzerland-based blockchain software company Jelurida recently told Cointelegraph that even if Musk were to integrate Dogecoin onto Twitter, it wouldn’t be a wise decision:
“Even if they do manage to build a payment system around Twitter, there are much better blockchain solutions than Dogecoin to choose from with regards to security, privacy, smart contracts and scaling.”
Daniel Elsawey, CEO and co-founder of decentralized exchange (DEX) TideFi also recently told Cointelegraph that while the integration is possible, its utility on Twitter would be strictly limited to payments:
“Given that DOGE cannot directly interact with smart contracts as part of its original design, I would say that unless it’s specifically used as an option for payment, the use cases associated will continue to remain speculative.”
Dogecoin jumps after Elon Musk shares glimpse into Twitter 2.0 plans
CointelegraphPublished on 2022-11-28Last updated on 2022-11-28
Abstract
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).
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Doge Matrix ($doge m): The New Breed of Community-Driven Cryptocurrency Introduction In the ever-evolving landscape of cryptocurrency, new projects constantly emerge, each aiming to capture the interest of investors and enthusiasts alike. One of the latest entrants to this domain is Doge Matrix, represented by the ticker symbol $doge m. This project has attracted attention thanks to its roots in the popular meme culture surrounding Dogecoin, establishing its place within the web3 space. This article aims to provide a comprehensive analysis of Doge Matrix, covering its overview, creator, investors, functionality, timeline, and notable aspects. What is Doge Matrix ($doge m)? Doge Matrix is a community-driven cryptocurrency project that seemingly builds upon the widespread appeal of Dogecoin, a digital currency known for its Shiba Inu mascot and its meme origins. While the overarching objectives of Doge Matrix are not extensively defined, it is characterized by a commitment to harnessing community involvement and support. Unlike traditional cryptocurrencies that often emphasize utility or intrinsic value through underlying technologies, Doge Matrix positions itself within a space that embraces the cultural phenomenon of cryptocurrencies, particularly appealing to those who resonate with the ethos of meme-based assets. Drawing on the strengths of the Dogecoin community, Doge Matrix operates as part of a broader ecosystem, inviting participation and engagement from users who share an interest in cryptocurrency and the digital landscape. Who is the Creator of Doge Matrix ($doge m)? The identity of the creator of Doge Matrix remains unknown. This lack of transparency is not an uncommon occurrence in the cryptocurrency space, where some projects are launched without revealing the identities of their founders. 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Nonetheless, Doge Matrix seems designed to tap into the existing cryptocurrency ecosystem by encouraging user participation while tapping into the familiar cultural references associated with Dogecoin. Its potentially unique characteristics derive from community interactions rather than technological advancements, emphasizing shared experiences and collaboration among token holders. While the exact innovations have not been explicitly outlined, the project appears to create a space where community members can engage, share ideas, and propel the project's potential forward. Timeline of Doge Matrix ($doge m) Reflecting on the project’s timeline reveals notable events that have defined its journey thus far: November 25, 2024: Doge Matrix reached its all-time high value, marking a significant milestone in its early history. 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