{"id":361261,"date":"2022-11-30T18:50:58","date_gmt":"2022-11-30T23:50:58","guid":{"rendered":"https:\/\/insidebitcoins.com\/?p=361261"},"modified":"2022-11-30T18:50:58","modified_gmt":"2022-11-30T23:50:58","slug":"doge-surges-with-twitter-2-0","status":"publish","type":"post","link":"https:\/\/insidebitcoins.com\/news\/doge-surges-with-twitter-2-0","title":{"rendered":"DOGE Surges With Twitter 2.0"},"content":{"rendered":"

Elon Musk, the billionaire entrepreneur, has confirmed his intention to integrate payments into what he calls Twitter 2.0 \u2014 “The Everything App,” fueling a brief 19.4% price increase for meme-inspired cryptocurrency<\/a> Dogecoin (DOGE). <\/span>In a Nov 27, 2022 tweet to his 119.2 million followers, the new Twitter CEO revealed his plans, sharing several slides from a recent “Twitter company talk.”<\/span><\/p>\n

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While Musk made no mention of DOGE in the tweet or the accompanying slides, some investors appeared to be hopeful that Dogecoin would be involved in some way. <\/span>According to CoinGecko data, Dogecoin’s price jumped 19.4% from $0.089 to $0.107 in the hours following the tweet before settling at $0.1 at the time of writing.<\/span><\/p>\n

Dogecoin Surges – An Analysis<\/b><\/h2>\n

Dogecoin<\/a> is an open-source, peer-to-peer digital currency created in 2013. It was initially conceived as a joke but has since grown to become one of the most recognized cryptocurrencies, with a market cap of over $10 billion.<\/span><\/p>\n

The cryptocurrency gained mainstream attention after celebrities like Musk and Mark Cuban began to endorse it on social media. Musk has previously called DOGE “the people’s crypto” and “potentially promising,” though he has never publicly expressed any intention to invest in it.<\/span><\/p>\n

This isn’t the first time that a major celebrity endorsement or announcement about cryptocurrencies has caused a significant price increase for Dogecoin or other digital assets. In 2017, DOGE’s value jumped more than 300% after rapper Snoop Dogg posted a tweet expressing his enthusiasm for the project.<\/span><\/p>\n

Additionally, Dogecoin price also jumped drastically when Musk announced that Tesla will be accepting it for Tesla payments. Elon Musk is known for making random jokes on Twitter. This time, however, it wasn’t just any random tweet: Elon Musk announced that he would be starting accepting Dogecoin as a payment method for purchasing electric vehicles from Tesla Inc., which made people believe that there might actually be some truth behind his words this time around.<\/span><\/p>\n

Elon’s Influence<\/h2>\n

\"Twitter<\/p>\n

Dogecoin prices skyrocketed when Elon Musk announced in Jan 2022 that he will be accepting Dogecoin for buying Tesla merchandise. Elon Musk tweeted that he would start accepting Dogecoin as a payment method for his Tesla merchandise. It was a joke but many were hopeful that it could become reality and it did happen! The cryptocurrency community was happy about the news and this led to an increase in the value of DOGE by more than 50%.<\/span><\/p>\n

The crypto market has been in a bullish trend lately and the news of Elon Musk accepting Dogecoin as payment further increased the confidence of investors. This surge in confidence was reflected in the markets as DogeCoin’s price rose to record highs. The coin even briefly surpassed Ethereum<\/a> to become the second-largest cryptocurrency by market capitalization.<\/span><\/p>\n

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Slides from my Twitter company talk pic.twitter.com\/8LLXrwylta<\/a><\/p>\n

— Elon Musk (@elonmusk) November 27, 2022<\/a><\/p><\/blockquote>\n