Dogecoin Soars As Elon Musk Reportedly Works on Twitter Payments Plan

  • Elon Musk is adding a payments system to Twitter, in keeping with the Financial Times. 
  • Dogecoin climbed as much as 10% on speculation the meme coin could possibly be an element of Twitter’s revenue stream. 
  • Dogecoin has surged greater than 30% thus far in 2023 amid a broader crypto rally. 

Dogecoin soared Tuesday following a Financial Times report that Elon Musk is adding a payments system to Twitter, fueling speculation the corporate could incorporate the altcoin into his social media site. 

In its aim to create a brand new revenue stream for the platform, Twitter has began applying for regulatory licenses and designing the software needed to introduce payments on the system, the report said. 

A team at Twitter can also be making a vault for safely storing user data that a payment system would collect, sources told the FT.

Allowing payments on Twitter is essential for the corporate as its promoting business of $5 billion a 12 months has been hit since Musk bought Twitter in October, with marketers citing concerns about management and content moderation.  

Musk has been a high-profile buyer of dogecoin and previously has pushed for its as a payments vehicle. The prospect that it could possibly be a payments option on Twitter sent the meme coin jumping much as 10% to an intraday high of $0.095655. The gain was later pared to 7%. It was outperforming the majority of the 10 top most-traded coins during Tuesday’s session. 

Tuesday’s gains for dogecoin prolonged the meme coin’s price advance in January, heading toward a 35% surge in the primary month of 2023.

The move comes amid a broader rally in crypto markets after a dismal 2022. Bitcoin is up almost 40% in January, and is ready for one of the best month since October 2021. 

The whole value of the crypto market regained $1 trillion last week for the primary time since FTX’s collapse. Investors are warming to risk assets as cooling inflation fuels hopes for the Fed to drag back on rate hikes.

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