Is the slight rise in Dogecoin (DOGE) due to Twitter?

Like all cryptos, 2022 has been tumultuous for Dogecoin (DOGE). The latter left a lot of feathers there by losing a significant part of its value. But the asset can count on its “godfather”, Elon Musk. The billionaire, a fervent defender of this crypto, has regularly provided support to stimulate its development. This is once again the case.

Once again worn by Elon Musk!

On Monday, January 30, the market value of Dogecoin increased noticeably. This increase is consecutive to the announcement of a recent update made by Twitter. The company, bought last October by billionaire Elon Musk, has indicated its plan to integrate cryptos into its payment methods.

The news comes in a context where the new leader of Twitter has clearly indicated his desire to implement new payment features for the social network. Since taking over the company, the boss has been exploring ways to monetize Twitter through cryptos.

The weight of Elon Musk in the rise of the DOGE

For example, the company is working to implement a feature called “Coins”. The latter should allow users of the social network to obtain, in exchange for fiduciary payments, virtual assets. These offer their holders the possibility of redeeming them to receive rewards for published content. The feature will be available on Twitter’s Stripe platform.

Twitter, DOGE’s unit of measurement?

It is clear that the social network has become a kind of barometer that gauges the market value of Dogecoin. This is in all, what the crypto community thinks in view of the many interventions of Elon Musk on this market. Following the announcement of the Twitter takeover in October, dogecoin (DOGE) skyrocketed.

This trend is likely to continue due to the billionaire’s faith in asset valuation.

It is also important to note that the reforms undertaken in recent weeks seem to want to leave a place of choice for cryptos. Users also have the option of paying tips in bitcoin (BTC) to certain content creators.

All this shows that Twitter should continue to influence Dogecoin. It remains to be seen how this influence on dogecoin (DOGE) will be managed in the event that Twitter runs into difficulties.

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