What Happens To Dogecoin If Twitter Fails To Implement Crypto Plans?
2022年11月5日 - 08:00AM
NEWSBTC
The price of Dogecoin has been rallying in tandem with the bullish
news of Elon Musk purchasing Twitter. It continues to maintain such
high values even in a bear market due to the expectations that
Musk, who has publicly expressed support for the meme coin in the
past, would incorporate the crypto into the social media platform.
However, Musk has not shown any indication of doing this so far, so
what happens if crypto is not implemented into Twitter? Twitter
Dropping Its Crypto Plans Elon Musk’s ownership of Twitter has come
with a lot of expectations, especially among crypto investors. At
first, it did look like the billionaire planned to move forward
with its plans for implementing and making crypto a prominent part
of the platform. But this has changed with news coming out of the
market on Friday. Related Reading: Ethereum Must Hold $1,500 Or
Risk A Decline To $1,300 Twitter has reportedly officially stopped
its plans to develop its crypto wallet feature. This product would
have allowed users to send, receive, and store cryptocurrency on
the social media platform, but it has now been shelved following
massive layoffs by the company. On Thursday, the social media
platform reduced its workforce by 50% and is reportedly focusing
its manpower on other products including the $8 verification fee
proposed by Musk. The platform apparently wants to get this feature
launched in November, alongside a product previously called “Super
Follows.” The latter would be relaunched as “subscriptions”
allowing creators to put their content behind a paywall. DOGE down
25% from Tuesday highs | Source: DOGEUSD on TradingView.com
Naturally, the products that Twitter has chosen to move forward
with, (or not move forward with), will have an impact on the price
of Dogecoin, which is already apparent given the meme coin’s
performance early Friday. Dogecoin Now Follows Twitter Elon Musk’s
standing in the Dogecoin community and his ownership of Twitter has
now effectively made it so the performance of the meme coin is now
closely tied to that of Twitter. It was proven following the
acquisition and now following Twitter’s announcements. Related
Reading: Why Cardano (ADA) Could Be Gearing Up For A Rally On
Friday, the price of Dogecoin dropped 10% after it was reported
that Twitter would be pausing its crypto wallet development. So
while the majority of the market was seeing green, DOGE had plunged
in tandem with the Twitter stock price which sits at $53.85 ahead
of the start of the trading day. DOGE would likely see more decline
in its price if there are no definitive crypto plans for Twitter
made public in the coming weeks. This also extends to the addition
of DOGE as a payment method in the “Tip Jar” feature. The meme coin
has already shed more than 25% of its Tuesday highs and could see
more downside as the market enters the weekend. Featured image from
Capital.com, chart from TradingView.com Follow Best Owie on Twitter
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