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Dogecoin jumps after Elon Musk shares glimpse into Twitter 2.0 plans

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Billionaire entrepreneur Elon Musk has confirmed that he intends on integrating funds into what he describes as Twitter 2.0 — “The All the things App” —  fuelling a short-lived 19.4% value surge for meme-inspired cryptocurrency Dogecoin (DOGE).

The brand new Twitter CEO revealed his plans in a Nov. 27 tweet to his 119.2 million followers, through which he shared a number of slides from a current “Twitter firm discuss.”

Whereas Musk made no point out of DOGE within the tweet or within the hooked up slides, this didn’t seem to cease some investors from being hopeful that Dogecoin would be involved in some way.

According to information from CoinGecko, Dogecoin’s (DOGE) value surged 19.4% from $0.089 to $0.107 over a number of hours after the tweet earlier than cooling off to $0.096 on the time of writing.

Different plans listed as a part of Musk’s imaginative and prescient for Twitter 2.0 included “Promoting as Leisure,” “Video,” “Encrypted DMs,” “Longform Tweets” and “Relaunch Blue Verified.”

Information from the slides additionally counsel that Musk’s takeover of the corporate has already made an influence, with the social media platform reaching an all-time excessive by way of “new consumer signups” and “consumer energetic minutes,” which had been up 86% and 30% respectively over the past week compared to the identical seven day interval in 2021.

Associated: Is DOGE really worth the hype even after Musk’s Twitter buyout?

In October, rumors surfaced of Twitter’s crypto pockets plans after widespread tech blogger Jane Manchun Wong speculated in a Oct. 27 tweet that the the corporate had already begun working on a wallet prototype that supports cryptocurrency deposits and withdrawals, which led to a DOGE value surge of 40% on the time.

Lior Yaffe, the co-founder of Switzerland-based blockchain software program firm Jelurida lately informed Cointelegraph that even if Musk were to integrate Dogecoin onto Twitter, it wouldn’t be a wise decision:

“Even when they do handle to construct a cost system round Twitter, there are a lot better blockchain options than Dogecoin to select from with reference to safety, privateness, good contracts and scaling.”

Daniel Elsawey, CEO and co-founder of decentralized alternate (DEX) TideFi additionally lately informed Cointelegraph that whereas the mixing is feasible, its utility on Twitter could be strictly restricted to funds:

“Provided that DOGE can’t instantly work together with good contracts as a part of its authentic design, I’d say that until it’s particularly used as an possibility for cost, the use instances related will proceed to stay speculative.”