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Kc  · 09/01/22

Will Elon Musk Accept Dogecoin Payments on Twitter?

06/27/23 · Reports · This is not a financial advice
Altcoin Trading Blog

Note: This report was written in 2022 and remains published for reference purposes.

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It’s no secret that Elon Musk is a fan of cryptocurrencies. Dogecoin, the meme currency which was created as a joke in 2013, eventually grabbed the globe by storm in 2021. At the time, its value increased from less than a cent to an all-time high of $0.74 in May 2021, and Musk and his fame were part of what drove the price up.

If a crypto payment system is on the cards for Twitter 2.0, then the cheap and straightforward token which Musk already greenlit for payments in Tesla merchandise, is possibly a strong contender. Whether or not you choose to trade cryptos like Dogecoin, be sure to choose a broker you can trust, such as Easymarkets, to make your trading experience as simple and convenient as possible.

Twitter 2.0

Since Musk took over Twitter, it’s been widely reported as being anything but smooth sailing. In a tweet in early November, he commented, “Please note that Twitter will do lots of dumb things in the coming months. We will keep what works and change what doesn’t.” Indicating that much of what might happen with the platform in the near term is part of an experimental brainstorm and will eventually change.

The plans for the new version of Twitter, which Musk says will turn the platform into the “everything app,” were presented to an internal staff meeting and then shared publicly on the platform in late November. In the slides were plans to introduce functions like direct messaging, a long-form tweets option, and a payments system.

The slide regarding payments was vague, but if Musk’s past comments are anything to go by, and the fact that Tesla also accepts Doge for payments of merchandise, we can assume he’s keen to look into the meme crypto as an option.

The future of Dogecoin

Dogecoin’s price is now over 80% below where it traded in early May 2021, but with an $11.6 billion market valuation, it is still the ninth-largest cryptocurrency on the market at the time of writing.

Unlike Bitcoin, there is no lifetime supply cap, and 5 billion additional coins are added every year. Instead of a digital asset to be kept in reserve as an investment, founders Palmer and Markus intended to develop a free-flowing currency.

In other words, Dogecoin, consistent with the joking spirit that led to its creation, was made specifically to be a bad long-term investment.

A worthwhile buy?

Markets do not always strictly adhere to logic and so Dogecoin is still a popular and valuable cryptocurrency these days, despite its many drawbacks.

Meme fans and investors who don’t mind taking risks love it. Remember, this is still a meme coin, and it displays crazy volatility that is often moved by posts on social media and casual comments from famous people.

It makes a bit of sense to add a few Dogecoin tokens just in case the price takes off once again if it comes on board with Twitter. It’s still difficult to consider Dogecoin a serious investment, though, so don’t purchase more than you’re willing to lose.

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