Dogecoin is hoping Elon will bring the crypto along for the Twitter ride.
- Doge Pumps on Elon-Twitter News
- In Doge In Elon’s Plans?
Doge Pumps on Elon-Twitter News
Dogecoin is up ~15% at press time, trading at 0.15 cents on breaking news that Twitter is ready to announce they have sold the company to Mr. Musk. Dogecoin has historically been one of Elon’s favorite memes and talking points. Development of Dogecoin has been static, however, and hasn’t generated the hype many thought it would after the announcement that Mark Cuban of the Mavericks would accept Doge for tickets, merch, and other things. Still, the dog coin which swept the world last year is generating some good buzz today.
Can’t believe buying DOGE actually crossed my mind today
— Barry Silbert (@BarrySilbert) April 25, 2022
Many have speculated a tipping system would be implemented with Dogecoin. However, Dogecoin is not the fastest chain out there, and it wouldn’t make much sense to use Doge for that purpose. According to Kraken, a Doge transaction requires 40 confirmations and takes an estimated time of 40 minutes. Nevertheless, Doge still is trying to make memes a reality. Last year, developers behind Doge announced a new foundation to develop the protocol and increase adoption.
The board includes Vitalik Buterin and Jared Birchall, a representative of Elon Musk. However, per the announcements page of the foundation, only two announcements have been posted since August of 2021. There certainly has been a stagnancy in the development of Dogecoin. Mainly because it is a proof-of-work chain that has limited scripting capability, this means that smart contracts cannot be programmed on Doge.
Is Doge in Elon’s Plans?
Dogecoin fans are hoping that this renewed interest in the protocol will bring it back to its former glory. The crypto community moves quickly from trend to trend, and Doge fell behind the GameFi/Metaverse trend that began in the fall of 2021. However, there was a pretty cool development recently where Dogecoin developers used Starlink to conduct a Doge transaction totally offline.
JUST IN: #Dogecoin developers have sent the first $Doge transaction without internet via radio transmission with help from Elon Musk’s Starlink.
— Watcher.Guru (@WatcherGuru) April 23, 2022
So clearly, the Dogecoin developers and the community is interested in Elon, but is Elon still interested in Doge? He certainly has stopped tweeting about it relative to 2021. Proponents of Dogecoin are speculating that “advertisers could be able to pay DOGE for ads and other uses on Twitter.” Keep in mind that Tesla already accepts Doge for Tesla merchandise. Musk also teased recently that Doge could be accepted as a means to pay for Twitter Blue, which is the beefed-up subscription model.
Twitter has yet to verify the deal themselves but is reportedly set to address employees at 1 pm pacific time. They will likely issue a statement on the finalized deal subsequent to that. It will interesting to see Elon’s first tweet confirming everything. Considering crypto lovers and Twitter users share vast overlap, Elon and his free-speech, pro-crypto voice could be bullish for the platform. However, if you’re a crypto scammer, your days are numbered.
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