- Dogecoin holders remain optimistic after reports that Twitter Coin will not include cryptocurrency or blockchain technology in its early stages.
- DOGE has outperformed other assets in the aftermath of the revelations rising nearly 7% in 24 hours while top assets tumble.
- Expert opinions differ on the sustainability of Dogecoin’s growth this year without possible Twitter incorporation.
Twitter chief executive Elon Musk has reportedly told developers to make Twitter Coin fiat-based but to build it in a way that can incorporate crypto functionality in the future.
The aftermath of the report saw Dogecoin (DOGE) recording gains in the market, rising 6.7% in 24 hours, signalling strong links between the asset and Musk. The price of DOGE moved up from $0.08 to $0.09 within hours as other top assets, including Bitcoin and Ethereum, took a nosedive.
Despite the perceived setback of Twitter Coin not being a cryptocurrency, the DOGE community still shows strong enthusiasm, as shown by several tweets. DOGE holders have speculated on using their prized asset for payments on the social media giant after Musk’s takeover back in October.
Musk has been a strong voice for DOGE, causing several upticks in the price of the asset, including its all-time high just before his Saturday Night Live appearance in 2021. With plans to launch Twitter 2.0, which will include the monetization of the app allowing users to send tokens to other users in the form of “awards.”
Furthermore, Twitter registered as a “Twitter Payments LLC” with the US Treasury Department, allowing it to function as a payment processing platform. Musk has restated his desire in Twitter Spaces to link bank debit cards to user profiles to facilitate easy transfers between users.
Fiat can’t stop DOGE
At the start of the year, commentators were of the opinion that the progress of DOGE would be heavily linked to its incorporation on Twitter, but this seems to be changing as the asset records several gains. After losing a chunk of its market cap in 2022, DOGE has surged 31.47% in the last 30 days as it continues to maintain its stance in the “green zone” in recent weeks.
As the market expects the Federal Reserve to hike interest rates, top digital assets and the stock market have plunged in the last 24 hours. Market leader, Bitcoin (BTC), has fallen by 4.7%, while Ethereum and Solana are down by 6% and 10%, respectively. Despite this and the fact Twitter Coin will be fiat-centred, DOGE continues its good run this year.
