How Twitter, Elon Musk shapes Dogecoin’s future
Journalist
Posted:
- New modifications on X (previously Twitter) raised hypothesis round the way forward for cryptocurrencies and Dogecoin.
- Elon Musk’s involvement in X sparked questions on Dogecoin’s future on the platform.
After Elon Musk’s acquisition of X (previously Twitter), the platform underwent substantial modifications that fueled hypothesis about its engagement with cryptocurrencies. These developments have forged a highlight on the potential implications for Musk’s favorite crypto Dogecoin[DOGE].
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In a latest transfer, X secured a Rhode Island Forex Transmitter License, granting it the authority to handle digital belongings. This pivotal step positioned X to introduce cryptocurrency fee companies, doubtlessly impacting Dogecoin’s use and visibility amongst its large consumer base, which contains of almost 450 million lively customers.
Squashing the “X Coin” Rumors
Earlier than Twitter rebranded to X, code snippets found by enthusiastic observers hinted on the platform’s curiosity in creating a novel digital foreign money. Nonetheless, the shift in focus and possession briefly shelved these intentions.
Elon Musk said that he had no intentions of making one other distinctive cryptocurrency. Musk’s involvement with X reignited speculations about whether or not Dogecoin may discover a place as a local foreign money on the platform.
No
— Elon Musk (@elonmusk) August 31, 2023
Phrase on the road
Regardless of the uncertainties, Dogecoin skilled a notable uptick in social mentions, surging by 61% up to now week. Furthermore, consumer engagements with Dogecoin-related content material grew by a major 37.2% throughout the identical interval. Whereas the social metrics seem promising, the general weighted sentiment surrounding Dogecoin skilled a decline.
The decline in weighted sentiment instructed that the variety of optimistic feedback associated to DOGE outweighed the detrimental ones. This shift in sentiment may affect the market dynamics and Dogecoin’s future trajectory.
Life like or not, right here’s DOGE’s market cap in BTC’s phrases
Supply: Santiment
Nonetheless, there was a glimmer of hope amidst this uncertainty. A report from The Wall Street Journal instructed that Elon Musk’s forthcoming biography could supply insights into potential involvement with Dogecoin’s improvement.
This risk added an intriguing layer to Doge’s evolving narrative, leaving room for optimism amongst its group and fans.
