Speculation is running rampant that notorious Dogecoin (DOGE-USD) fan, Elon Musk, will include the bushy-tailed crypto in his vision for Twitter. Will Dogecoin prices surge off of Musk’s latest tweets?
Well, on Saturday, Nov. 26, Musk took to his favorite social media platform (the one he owns) to share a series of slides from a recent “Twitter company talk.” The slides seemingly showed a drop in hate speech on the platform and a spontaneous jump in signups to 2 million per day, the highest level ever.
Slides from my Twitter company talk pic.twitter.com/8LLXrwylta
— Elon Musk (@elonmusk) November 27, 2022
Additionally, Musk outlined some changes in the works for what he referred to as Twitter 2.0. “The Everything App,” as he calls it, will have advertising as content, enhanced video playback and longform tweets. Musk also hinted the blue verified checkmark is soon to make its return.
For Doge fans, however, the real meat of post was the last bullet point, titled simply “payments.” Given Musk’s long and usually Twitter-based ties to the infamous meme coin, some have begun speculating Twitter will accept DOGE as a payment method.
Should this prove true, Dogecoin fans could see a rather handsome payoff. DOGE has already climbed more than 15% in the past two weeks, in no small part due to Musk’s Twitter takeover. What else can we expect from the eccentric billionaire and his favorite dog-themed crypto?
Musk Continues Twitter Tirade As Dogecoin Prices Remain in Flux
If you’ve been living under a rock, the Tesla (NASDAQ:TSLA), SpaceX and now-Twitter chief executive has launched a virtual firestorm of change at the social media platform since his purchase of the company was finalized just weeks ago. This includes laying off more than half of Twitter employees and requiring an immediate pivot to back-to-office work.
The changes haven’t just been at the office, however. Musk has also laid out a number of drastic alterations to the platform itself. This includes allowing anyone to purchase the long sought-after checkmark badge, reinstating a number of banned accounts — including that of former President Donald Trump — and initiating a campaign against bots and impersonation accounts.
For Doge fans, this comes as strong news. Musk has practically been the meme coin’s sole saving grace for most of its existence. While DOGE hasn’t been able to escape the crypto crash this year, down 45% year to date, it has regained some of its lost value in the wake of Musk’s twitter shenanigans. Musk has long been DOGE’s biggest cheerleader, so a win for him is often a win for the coin.
With that said, it’s not all sunshine at the Doge camp. Today the crypto is down 4% alongside most other major coins. The entire industry is likely reeling from this morning’s announcement that crypto lender BlockFi filed for bankruptcy, following in FTX’s footsteps.
Whether Musk’s Twitter antics can lift Dogecoin prices yet again, however, remains to be seen.
On the date of publication, Shrey Dua did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.