Could This Be the Catalyst Dogecoin Needs to Skyrocket Higher?
Elon Musk's decision to buy Twitter (if the deal goes through) could be huge news not just for Twitter shareholders, but also for Dogecoin (CRYPTO: DOGE) investors. In fact, within minutes of the news that Musk had agreed to buy Twitter, Dogecoin rose 8%. This is not a coincidence: Musk has been a huge supporter of Dogecoin for the past few years, and made comments earlier this year about integrating Dogecoin with the Twitter platform.
On the surface, Musk buying Twitter seems to be exactly the type of catalyst that Dogecoin needs for it to rebound. After all, Dogecoin is still down more than 90% since Musk famously made his appearance on Saturday Night Live as the "Dogefather." In the ensuing months, doubts have grown about whether Dogecoin could ever be anything more than a joke meme coin. So will a Twitter-Dogecoin collaboration change everything?
The one feature that Musk has specifically suggested adding to Twitter is a Dogecoin payment option for Twitter Blue subscribers. Making "Pay with Dogecoin" a viable option for different actions on Twitter could immediately make this crypto more mainstream, given that Twitter has 237.8 million monetizable daily active users around the world. Basically, any premium action on Twitter, such as making a non-fungible token (NFT) your profile photo, could be integrated with a Dogecoin payment option. And, if this payment option becomes popular on Twitter, other social media platforms might also decide to integrate Dogecoin.
Source Fool.com
