By Mark Ackman
Based on one report by Bloomberg, there is increasing speculation over how Elon Musk can make crypto and related technologies a part of Twitter.
Recently, the social media platform allowed users to receive and send crypto transactions in BTC and ETH. Additionally, users could set NFTs in their profile pictures. Under Musk’s leadership, these changes are only the beginning.
Crypto Community Bets on Upcoming DOGE-based Twitter Features
The eccentric Tesla CEO is a known proponent of DOGE, so a big chunk of the market is betting on Twitter incorporating the memecoin in upcoming features.
Such features could level up the adoption rates for DOGE, bringing it up to par with the US Dollar. Last year, the ‘Dogecoin to $1’ trend took the coin toward price discovery. With support from Elon Musk’s tweet, Doge was able to surpass $0.75.
Proponents Divided on Musk’s Intentions for DOGE
Oddly enough, Dogecoin’s bull run last year came to a halt after an event featuring Elon Musk. The eccentric SpaceX CEO was the host of Saturday Night Live, which led to a ‘buy the rumor, sell the news’ trade.
In that case, it’s fair to say that an upcoming event is causing Dogecoin’s price to rise as proponents look forward to furthering appreciation. As of now, the market is treating any DOGE-related announcement as positive.
Such expectations trigger a mini-DOGE rally. On the new Musk-owned Twitter, crypto enthusiasts are debating on the recent DOGE rally and how it could relate to Twitter.
Some are of the opinion that Musk is just causing another price bubble that will lead to investors facing major losses.
One tweet mentions that the current DOGE pump is simply due to current rumors that Elon Musk will make it the Twitter currency. However, it’s likely that he won’t and the bubble will burst once he kills the rumor and gives the news.
On the other hand, others like Joey Hickson, a social media expert, explained that there could be major implications for DOGE and other cryptocurrencies now that Twitter is under Musk’s leadership.
Now that Elon Musk has acquired Twitter, Hickson mentions that investors will be very disappointed for missing out on the opportunity to profit off of memecoins like DOGE.
Binance Commits $500 Million To Musk’s Vision For Twitter
But Elon Musk won’t do it alone, as the leading crypto exchange, Binance, aims to assist the entrepreneur in creating his vision for a new Twitter. Based on a report by Yahoo Finance, Binance made a commitment to invest $500 million into Musk’s Twitter.
With such a huge commitment, Binance has a major stake in one of the biggest social media platforms. While it may not have implications right away, Binance’s stake in Twitter will manifest in the form of crypto ventures.