Billionaire entrepreneur Elon Musk has confirmed he intends to integrate payments into what he describes as Twitter 2.0 – “The Everything App” – fueling a short-lived 19.4% price spike for meme-inspired cryptocurrency Dogecoin (DOGE).
Twitter’s new 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 of my corporate speech on Twitter 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, that doesn’t seem to be stopping some. investors to hope that Dogecoin would be implicated in some way.
— Gail Alfar (@GailAlfarATX) November 27, 2022
Other plans listed as part of Musk’s vision for Twitter 2.0 included “Advertising as Entertainment,” “Video,” “Encrypted DMs,” “Long Tweets,” and “Relaunching Blue Verified.”
Data from the slides also suggests that Musk’s takeover of the company has already had an impact, with the social media platform hitting an all-time high in “new user signups” and “active user minutes.” “, which have increased by 86% and 30% respectively in the past week compared to the same seven-day period in 2021.
In October, rumors surfaced about Twitter’s crypto wallet plans after popular tech blogger Jane Manchun Wong speculated in an October 27 tweet that the company had already started. working on a prototype wallet that supports cryptocurrency deposits and withdrawals, which led to a 40% surge in DOGE prices at the time.
Lior Yaffe, the co-founder of Swiss blockchain software company Jelurida recently told Cointelegraph that even if Musk were to integrate Dogecoin on Twitter, it wouldn’t be a wise move:
“Even if they manage to build a payment system around Twitter, there are much better blockchain solutions than Dogecoin to choose from when it comes 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 usefulness on Twitter would be strictly limited to payments:
“Since DOGE cannot interact directly with smart contracts as part of its original design, I would say that unless it is specifically used as a payment option, the associated use cases will continue to remain speculative.”