A DOGE PUMP AND A WIN FOR CRYPTO?


Elon Musk, aka the new “chief tweet”, may have laid the foundation for Twitter to drive cryptocurrency adoption.

The world’s richest personality, after an extended back-and-forth, officially closed the Twitter deal on October 27. Among other things, the billionaire intended to shape 15th largest social media platformeverything appHe called X. In the meantime, crypto investors/enthusiasts may have something to look forward to.

Twitter and All-in-One

“Twitter Buying X is an accelerator to build The Everything App,” Musk tweeted on October 5. Hence following suit of (potentially) Chinese super-app WeChat. WeChat is used for rides, book appointments, pay taxes and other day to day activities.

According to a Bloomberg post, Tesla Inc impresario offered support for the Tencent Holdings Ltd app. It has grown from a messaging service to a mini-Internet, used by more than a billion Chinese daily. Also, back in June, the Tesla founder added support to the said narrative.

“WeChat in China is a really great app, but there is no WeChat movement outside of China. And I think there’s a real opportunity to build that. You basically live on WeChat in China because it’s part of your daily life.” And I think if we can achieve that, or even close to it with Twitter, it will be a huge success.”

Currently, WeChat sees approximately 1.26 billion monthly active users (MAUs). Created by Tencent, one of China’s largest tech companies, the said platform supports 6. standing overth Ranked in top 20 social media sites this year. For reference, Twitter 15. standing overth With 436 million MAUs, Facebook is at #1 (2.9 billion MAUs).

Like WhatsApp and Messenger, WeChat started as a messaging app. But it has evolved over time into an all-in-one platform. It offers online shopping, money remittances, booking reservations, and the list goes on. It is indeed one of the most popular news and entertainment portals in the country.

Facebook’s parent Meta tried to make the platform a go-to destination for everything online. There was some success in this. Similarly, other rivals like Google, Uber and Snap also rode on this bandwagon. They all also failed to be a reigning app.

Plans for Musk and Twitter

Chief Tweets are an advocate of Internet freedom, but they may have their hands full now. While Musk has big plans for Twitter, the rules could be a major stumbling block to his ambitions. “In Europe, birds will fly by our rules,” European commissioner Thierry Breton told Musk. Bretton was taking a jibe at Musk’s claims of free speech.

While external regulation may be a problem, Musk will still have to settle his home, and move on top of internal regulation. Musk has frequently spoken out about Twitter’s moderation policies, which many see as censorship of political posts. Nonetheless, Musk aims to use a “content moderation council with vastly diverse perspectives” on Twitter.

The crypto pups will follow, right?

The billionaire has had a relationship with cryptocurrencies for years. And yet, his purchase was regarded by the crypto community as a positive development. Specifically in Dogecoin (DOGE).

First, shedding more light on payments, he said that it “makes sense to integrate payments into Twitter to make it easier to send money back and forth” and that such plans include “currency as well as crypto”. It is possible

In fact, according to speculation, Twitter may also enter into a cryptocurrency wallet feature to support deposits and withdrawals. Jane Manchun Wong, a blogger known for revealing early technological advances share This development.

“Twitter is working on a ‘wallet prototype’ that ‘supports crypto deposits and withdrawals,'” he said. tweeted,

Elon Musk, Binance and bots

To further support Musk’s vision, eliminating Twitter’s notorious bots (including crypto-bots) was a part of future plans for Twitter. Backing this vision is the world’s largest crypto exchange, Binance. Binance doubled its association with Twitter by investing $500 million in the platform.

As part of this, a new Binance team will look at how blockchain technology and crypto can help Twitter and make it a ‘bot-free’ space. Binance First revealed Musk plans to support Twitter’s acquisition of Twitter in an SEC filing in May of this year, with the exchange’s CEO describing the move as “a small contribution to the cause” at the time.

Overall, Crypto Rand Investment Group repeated Same expectations after this purchase. They support moves to add edit buttons, hunt bots, and possibly the option to make purchases and other payments with digital currencies.

Twitter is already notched In cryptocurrency, the inclusion of bitcoin tipping in 2021 under then-CEO Jack Dorsey. They later added ether functionality. Twitter also became the first company to try out a new program from payments processor Stripe, which in April announced a feature enabling payments in USDC via Polygon.

already feeling the pump

Will these planned developments see light at the end of the tunnel? This is an interesting conversation. But for now, DOGE and its community rejoice in these “speculations” following the moves of “dogfather” Elon Musk.

The popular meme-coin on CoinMarketCap is up over 90% in the last 7 days. At the time of writing, DOGE increased from $0.05 to $0.11 on October 23, hence showing strength.

Elon Musk Twitter Crypto Dog
Source: CoinMarketCap

Also, Memecoin #8. increased toth Ahead of Cardano (ADA) and Solana (SOL). Prior to this, the famous Tesla CEO has been a vocal supporter of DOGE and has likewise been a huge influence on Memecoin prices. For example, Elon Musk called it the “crypto of the people,” which has actually created a lot of buzz in favor of canine-based cryptocurrencies.

“A lot of people I talked to on the production lines at Tesla or SpaceX’s own Doge build rockets,” says Moscow Told, “They are not financial experts or Silicon Valley technologists. So I decided to back Doge – it felt like people’s crypto.”

In fact, Tesla began accepting Dogecoin as payment for its goods earlier this year.

Elon Musk, DOGE, and the Future

Zooming out, Elon Musk’s much-awaited move has given rise to a lot of speculation and FUDs on social media platforms. Various enthusiasts have added their own narratives.

While some supported it, others opposed it. This is especially after the senior officers were shown the door. As reported, Musk fired (former) CEO Parag Agarwal, CFO Ned Sehgal and head of legal, policy and trust Vijaya Gadde.

That said, Twitter’s future efforts are still in a precarious position. Despite efforts in the past, whether in the crypto sector or not, a ‘free world’ kind of scenario will be met by regulators. Even in the US, free, US watchdog lands like the SEC could hinder its development.

The most useful idiom here is ‘maintaining caution’.

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