The biggest meme coin, Dogecoin, was the sole cryptocurrency trading in the green zone while others were being pressured by seers, it should be emphasized.
Dogecoin (DOGE), a cryptocurrency asset, didn’t take long to hit the 9.49% milestone in the previous 24 hours before giving up some gains around $0.105 levels, according to Coinmarketcap, a database for cryptographic tokens. And all of this may be credited to Elon Musk, Twitter’s contentious new owner. Musk unveiled his ambitions for Twitter 2.0 the day before yesterday. “In the bear market, Musk’s impact on Twitter cannot be disregarded. The majority of individuals are counting on the news to generate buzz and profit. The CEO and co-founder of cryptocurrency trading platform DeFiVerse, Akshay Bajaj, told FE Blockchain that it makes more sense to purchase a cryptocurrency based on its fundamentals rather than Musk’s comments.
Cryptocurrency analysts claim that DOGE was intended to be used as a payment system. According to Sharat Chandra, vice president of research and strategy at EarthId, “Doge will provide a broad use case for meme coin if it is coupled with Twitter’s payment infrastructure.”
Industry insiders claim that since taking over Twitter on October 28, 2022, Musk has made a number of adjustments. The number of new user signups and user active minutes is at an all-time high, according to Gaurav Mehta, CEO of Catax, a bitcoin tax firm.
It’s interesting to note that Shiba Inu, with a market capitalization of just under $38 billion, is behind Dogecoin, which has a market value of over $85 billion. The biggest meme coin, dogecoin, was the lone cryptocurrency trading in the green while others were being monitored by seers. Furthermore, according to data from Musk’s tweet, the social media platform experienced an all-time high in terms of “new user signups” and “user active minutes,” suggesting that Musk’s takeover of the business has already had an impact.
Chandra claims that Musk’s redesign of Twitter will support payments and that Dogecoin is a top contender to take Bitcoin’s place as the platform’s official cryptocurrency.
