Dogecoin Gets a Boost From Twitter Payments Plans

  • Elon Musk’s plans for Twitter payments include future options for crypto and potentially Dogecoin (DOGE-USD).
  • Still, Musk reportedly wants the Twitter payments system to use fiat currency first and foremost.
  • DOGE is heading toward 10 cents on the news.
A gold Dogecoin (DOGE) token stands upright with several BTC tokens laying flat.
Source: Shutterstock

Whenever Twitter CEO Elon Musk talks about digital assets, they always seem to get a price boost. Not long ago, Musk expressed a desire to expand Twitter’s revenue sources. This could include accepting cryptocurrency payments. Now, Dogecoin (DOGE-USD) is rallying as crypto traders consider the implications.

Yesterday, Financial Times reported that Twitter is applying for regulatory licenses and designing software to introduce payments on the platform. Allowing payments on Twitter could help the company generate revenue sources beyond what it currently gets from advertising.

So, what does Twitter’s plan to integrate payments into the social network mean for Dogecoin? Apparently, “two people familiar with the company’s plans” said that “crypto functionality could potentially be added at a later point.”

The Financial Times report didn’t specifically mention Dogecoin. However, it’s no secret that Musk is fond of this dog-themed crypto. With that in mind, let’s see how the market is responding to this development.

What’s Happening With Dogecoin?

As of this writing, DOGE is up about 8% over the last 24 hours. Clearly, today’s traders are bullish on the prospect of Twitter possibly incorporating Dogecoin.

Investors should be cautious and read the fine print, however. The two people cited by Financial Times also reportedly said that Musk “wants the system to be fiat, first and foremost.”

In other words, Twitter won’t suddenly become a crypto-first payments platform. Furthermore, the company will probably have to deal with scrutiny from regulators if it adopts crypto payments.

It could be a long process for Twitter to incorporate Dogecoin, if that actually happens at all. Nevertheless, excited and forward-looking crypto traders are now pushing DOGE up toward the crucial 10 cent level.

Dogecoin, like other low-priced cryptos, is known to be volatile. Traders should monitor the price carefully, as a break above 10 cents on the Twitter news could send DOGE much higher in the coming hours and days.

On the date of publication, David Moadel 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 Publishing Guidelines.

David Moadel has provided compelling content – and crossed the occasional line – on behalf of Motley Fool, Crush the Street, Market Realist, TalkMarkets, TipRanks, Benzinga, and (of course) He also serves as the chief analyst and market researcher for Portfolio Wealth Global and hosts the popular financial YouTube channel Looking at the Markets.

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