What Elon Musk ‘s Twitter Takeover Means for Dogecoin 6 Months From Now ?

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By Degen Lipsa

Dogecoin’s price peaked in 2022 when Elon Musk acquired Twitter, but current crypto market conditions do not yet favour a full-fledged bull run.

Since taking over Twitter, Elon Musk has made a number of adjustments, but the short-lived Dogecoin logo change that caused such a stir in the cryptocurrency industry. While the announcement that Musk had acquired Twitter boosted the price of DOGE in October 2022, the rise was short-lived due to the impact of the FTX collapse. Despite the bear run dominating the emotion, Twitter takeover helped memecoin stand out. Therefore, DOGE may be well positioned for further action in a much better climate six months following the acquisition.

Dogecoin’s chart. Source : CoinDesk

It was rumoured that the firm would start accepting cryptocurrency payments for a variety of uses, including for Twitter’s premium services, even before the Tesla CEO gained control of the social media network. Musk eliminated the outdated blue ticks, paid for verification, and offered subscriptions for creators. More crucially, Twitter is working to make encrypted direct conversations and payments possible, thus the list of changes is extensive and not yet complete. All of the aforementioned have the potential to transfer money, which leaves room for crypto payments, particularly stablecoins and memecoins.

Musk has unofficially hinted in his tweets about the company accepting cryptocurrency payments, more especially Dogecoin payments, even though the company hasn’t made it official yet. Musk even “liked” a tweet from a user discussing the potential for cryptocurrency-based payments on the site. Most importantly, Dogecoin has the honour of being the billionaire’s favoured cryptocurrency.

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Nevertheless, the general crypto market environment does not yet favour a full-fledged DOGE bull run after it peaked in November 2022 following a change in leadership at Twitter. Much has been happening in the meanwhile about the memecoin’s general adoption. An earlier report from CoinGape stated that Binance had launched new liquidity pools, which included ones for Bitcoin and Dogecoin.

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