How Twitter, Elon Musk shapes Dogecoin’s future
- New changes on X (formerly Twitter) raised speculation around the future of cryptocurrencies and Dogecoin.
- Elon Musk’s involvement in X sparked questions about Dogecoin’s future on the platform.
After Elon Musk’s acquisition of X (formerly Twitter), the platform underwent substantial changes that fueled speculation about its engagement with cryptocurrencies. These developments have cast a spotlight on the potential implications for Musk’s favourite crypto Dogecoin[DOGE].
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In a recent move, X secured a Rhode Island Currency Transmitter License, granting it the authority to manage digital assets. This pivotal step positioned X to introduce cryptocurrency payment services, potentially impacting Dogecoin’s use and visibility among its massive user base, which comprises of nearly 450 million active users.
Squashing the “X Coin” Rumors
Before Twitter rebranded to X, code snippets discovered by enthusiastic observers hinted at the platform’s interest in creating a unique digital currency. However, the shift in focus and ownership temporarily shelved these intentions.
Elon Musk stated that he had no intentions of creating another unique cryptocurrency. Musk’s involvement with X reignited speculations about whether Dogecoin could find a place as a native currency on the platform.
— Elon Musk (@elonmusk) August 31, 2023
Word on the street
Despite the uncertainties, Dogecoin experienced a notable uptick in social mentions, surging by 61% in the past week. Moreover, user engagements with Dogecoin-related content grew by a significant 37.2% during the same period. While the social metrics appear promising, the overall weighted sentiment surrounding Dogecoin experienced a decline.
The decline in weighted sentiment suggested that the number of positive comments related to DOGE outweighed the negative ones. This shift in sentiment could influence the market dynamics and Dogecoin’s future trajectory.
Realistic or not, here’s DOGE’s market cap in BTC’s terms
However, there was a glimmer of hope amidst this uncertainty. A report from The Wall Street Journal suggested that Elon Musk’s forthcoming biography may offer insights into potential involvement with Dogecoin’s development. Also, do check our the potential bullish scenarios that the project has to go through to ensure the value of Dogecoin reaching $1.
This possibility added an intriguing layer to Doge’s evolving narrative, leaving room for optimism among its community and enthusiasts.