How to integrate Dogecoin with Twitter 2.0
After acquiring Twitter for $44 billion in 2022, it’s clear that Elon Musk’s plans for the social media platform are very ambitious.
Speculation around the platform became fierce after Musk’s decision to share slides from his corporate keynote on Twitter in November 2022, detailing plans for what the world-renowned entrepreneur described as “Twitter 2.0: The EverythingApp “.
Musk’s plans for Twitter 2.0 detail several new features meant to optimize the platform, including a mysterious “payments” slide that was left blank in published materials.
But could this payment system include Dogecoin? How does Dogecoin fit into Twitter?
Using Cryptocurrencies to Create Income Streams
Twitter “has to make money somehow,” Elon Musk warned as the company’s new owner unveiled plans for a premium verification service on the platform.
Musk also admitted that Twitter was losing $4 million a day in its current format, which likely served as a catalyst for accelerating plans for Twitter 2.0. But how can cryptocurrencies come to the rescue and turn the platform into a thriving social environment?
While Musk’s fixation on the meme-based cryptocurrency Dogecoin has long been known (his tweets caused Dogecoin’s price to rise), the coin’s track record makes it a prime candidate to become a digital that money. which can be used for digital payments on Twitter.
Since this currency was created as a joke by a developer who abandoned it long ago, a social network like Twitter can give it some much needed utility. Other assets such as bitcoin, which exists today as a store of wealth, may struggle to achieve the same results.
For a globally focused social network like Twitter, integrating cryptocurrency into the platform could be a game-changing step toward truly becoming “the universal app.” Whether it’s creating an integrated virtual wallet to pay for premium features like Twitter Blue or implementing one-click purchasing for products tagged in future posts, it can be a heavy weight on Twitter advertising has a payment system that works like Amazon on a global scale.
The usefulness of cryptocurrency can also make one of the main features of Twitter 2.0 a reality by making “advertising as entertainment” more widespread, helping the platform generate larger revenue streams to ensure its long-term viability.
Implementation of cryptocurrency on Twitter
The implementation of cryptocurrencies on Twitter is already underway, with decentralized financial ecosystem assets such as NFTs at the heart of Twitter 2.0.
Long before Musk arrived, Twitter added a feature that allowed users to display their NFTs as specially designated profile pictures, making blockchain-based assets more functional for their owners. property
Additionally, it emerged in October 2022 that the platform planned to allow users to buy and sell their NFTs in tweets through in-app marketplace auctions.
While Twitter has a rich history of working with blockchain elements like NFTs and introducing them to the social media landscape, the arrival of high-profile cryptocurrency advocate Elon Musk is likely to accelerate the trend this. .
Will dogecoin become Twitter’s currency?
Investor enthusiasm for the future partnership between Twitter and DOGE is undeniable. In fact, Dogecoin’s performance is very good thanks to Musk’s acquisition of Twitter in 2022 and the suggestion that his vision for the future of the platform may include cryptocurrency.
In the month of January 2023, DOGE rose more than 13% as investors bet on the cryptocurrency’s increased participation on Twitter. In fact, when the CEO of Tesla and SpaceX completed the purchase of the social network on October 27, 2022, DOGE experienced a rally that saw the asset value rise from $0.06 to $0.14. .
Due to Dogecoin’s large circulating reserve of almost 138 billion coins and its relatively low value, this cryptocurrency is a credible candidate to be used as the native currency of a social network like Twitter. However, Mr. may also consider. Musk is implementing his own, more advanced cryptocurrency to support Twitter.
When it comes to Dogecoin, expect volatility.
If there is one thing that is likely for the future of Dogecoin, it is the volatility of the market. The relationship between Elon Musk and Dogecoin, which is a token driven almost entirely by market sentiment, has resulted in wild ups and downs for investors.
Given the unpredictability of Musk looking to manage Twitter’s future, we are likely to see more DOGE volatility and high levels of speculation around the coin.
Is DOGE worth buying? If you’re interested in buying a high-risk asset, Dogecoin might be an interesting choice, but Musk remains vague about exactly how payments will be implemented in the future of Twitter 2.0, DOGE shouldn’t be considered a meme token here. point.