- So, by the above title, you must have understood that Elon Musk is the one who is looking at adding a payment system to Twitter.
- Just because of this, Dogedoge or we can say Dogecoin has climbed as much as 10% on speculation.
Let me tell you that on October 29, Dogecoin was the one that surged more than 70% which also extended the entire week’s gain after Elon Musk sealed a $44 billion deal to take over Twitter. Also, Tesla is the company that is a vocal proponent of different cryptocurrencies and it also has heavily influenced prices of the dogedoge or dogecoin along with Bitcoin.
What Makes Dogedoge/Dogecoin Valuable?
So, this was the question of almost every investor or trader who used to trade in different cryptocurrencies. Let me tell you that like any other asset, the market always assigns Doge a value based on supply and demand. As there is a very vast and growing supply, it is obvious that the demand has to surge enormously.
Later, in the initial months of the year 2021, when all the prices soared around 7000 percent, it was driven by retail investors on Reddit who were working together to push prices up and the broader crypto boom. As there were the fast-rising Doge Prices in the year 2021, it attracted considerable media attention which also took time to create a particular cycle.
Every time, when you see an asset gaining with such a dramatic price, it automatically becomes volatile, and just because of this, the value of that particular Bitcoin or a cryptocurrency increases. However, you need to ensure that like any other investment, there is no such guarantee it will go up or down in the future.
Did Musk Report Payment Plans for Twitter To Accept Dogedoge?
So, after Elon Musk took over Twitter, their aim was the just create a new revenue stream for the entire platform. Slowly and gradually, Twitter has started applying for regulatory licenses along with designing the software needed to just introduce payments on the particular system.
Later, the entire team of Twitter is also the one which is busy creating a vault for safely storing user data which a payment system can easily collect. So, at this point in time, allowing payments on Twitter is just the key for the entire company or we can say organization which has been hit since Musk took over Twitter.
You must have observed that Elon Musk is the one who has been a very high-profile purchaser of Dogedoge or Dogecoin. Also, previously he has pushed for it as a whole payment vehicle. Now, the entire prospect that it could be a payment option on Twitter sent the meme coin as much as 10%.
From Where Did Dogedoge/Dogecoin Come From?
So, in late 2013, Dogedoge or Dogecoin was the one that was launched as a joke/meme by some software developers. Both the software developers were the ones who combined two popular themes in their particular online circle. Later, the ascendant cryptocurrency Bitcoin and meme featuring Shiba Inu was a misspelled version of the word ‘dog’.
Later, to its creator’s surprise, Dogecoin was the one that caught on almost immediately with dogecoin.com by just receiving more than a million visitors in the first month. So, you must have understood that part of what made Dogecoin funny, it was a full-fledged cryptocurrency along with its own blockchain and mining system.
Also, the mining system was similar to the one that was used by Litecoin. Additionally, low prices for much of its life could get Doge for different fractions of a penny and abundance which have recently made it more and more attractive for speculators.
So, last but not least, Elon Musk tweets on Dogecoin which also includes the one called the people’s crypto which has turned the obscure digital currency. This was also the coin that began as a social media joke and sometimes into a speculator’s dream.