Dogecoin skyrockets 142% as Elon Musk confirms DOGE integration

• DOGE price soared following Elon Musk’s recent tweet of a DOGE in a Twitter shirt.
• As Twitter’s new owner, Musk can easily influence the integration of DOGE payments for Twitter products.

Earlier today, new Twitter CEO and the world’s richest man, Elon Musk, tweeted a picture of a Doge in a Twitter costume. Within minutes of the tweet, DOGE price spiked by 16 percent, moving from 12 cents to 15 cents within that short period. The Musk effect on DOGE price isn’t new. He has always influenced DOGE’s price with his actions, especially his tweets.

😉 pic.twitter.com/eaIYaDRBnu

— Elon Musk (@elonmusk) November 1, 2022

Last week, Elon Musk agreed to a suggestion that the social media platform should compensate or provide financial rewards for its creators. Musk’s latest tweet suggests that if Twitter starts monetizing creators’ content, the meme-themed coin might be among the payment options for creators.

Adding Dogecoin as a payment will further cause its price to spike significantly. A DOGE integration won’t be the first on the Twitter platform. Twitter had previously integrated a Bitcoin and an Ethereum tipping feature in September 2021 and February 2022, respectively.

A DOGE integration is inevitable

Now that Musk has completed his takeover of the Twitter platform, it would be easier for him to integrate DOGE as a payment option for various Twitter products. One such product is the Twitter verification tick. Recently, multiple reports said that Musk wants verified Twitter users and intends verified users to pay a certain fee.

If these rumors become true, it won’t be surprising if DOGE is one of the payment options users can use to pay for this service. Based on antecedents, a DOGE payment option on Twitter is inevitable. Musk’s other companies, such as Space X, Boring Company, Tesla, and the recently launched Burnt Perfume, accept DOGE payments for their products and services.

Many crypto industry players see Musk’s Twitter takeover as a positive sign for the crypto space. Even if Twitter integrates only DOGE and not all cryptos as a payment option on the platform, many crypto players still consider this outcome a positive development for the entire crypto industry. Our data shows that DOGE currently trades at $0.144 and is up 18.09 percent in the last 24 hours.

Binance CEO explains support for Musk’s Twitter takeover

On Monday, Binance CEO, CZ, explained to CNBC’s Squawk Box why his exchange supported Musk’s Twitter takeover bid with $500 million. CZ said that the support was to ensure free speech is retained on the platform as that is his platform of choice among other social media.

He added that Binance wants a crypto proponent at the helm of decision-making about cryptos and free speech. He also said his company wouldn’t mind providing technical support to bring Twitter to Web3. CZ also said he believes that Musk can remedy the improper monetization of the social platform.