Elon Musk, in taking over Twitter, has started a major revolution. Not only did he get rid of part of his team, but he also triggered a Dogecoin price rally. The market expects the coin to be integrated into the platform, and as it turns out, it may be right here.
Elon Musk points to Dogecoin (DOGE)
Elon Musk is considered by market observers to be one of the biggest supporters of Dogecoin (DOGE). Considering the billionaire’s social media reach, he is undoubtedly the meme coin’s biggest influencer. Since Musk took over Twitter, there has been increasing speculation about integrating the platform with DOGE. Musk is fully aware of this and, as usual, reacts to these facts in his typical tokenistic way.
A brief “exchange of words” that took place under Musk’s November 2 post was a big echo. He wrote:
“Twitter appeals to the inner masochist in each of us.”
Moments later, there was a response from a popular analyst known as Stonks Trading. He asked Musk if the latter was working on payment solutions in Dogecoin, for Twitter. The billionaire responded with an emoticon in the form of eyes. It was this response that triggered a tornado of speculation.
Musk continues to make suggestions about Dogecoin
A post that Musk posted on November 1 became even more telling. It depicts a dog wearing a Twitter T-shirt and next to it a pumpkin with the app’s logo cut out.
It was another, and quite clear, suggestion. Meanwhile, market observers are collecting all the elements present in the space and forming their own conclusions. The fact that in buying Twitter, Musk received financial support from the CEO of Binance is also one of them. This is because it suggests a desire to integrate the platform into the blockchain space. The billionaire’s affection for Dogecoin only intensifies the potential for closer ties with the dog coin in this case.
In addition, Musk has long hinted at the need to launch a complete application, called X. It would include decentralized social media, micropayments, games, food delivery, ride-sharing and shopping. There is a likelihood, therefore, that Twitter would be part of it, and with it DOGE as well.
Dogecoin’s price shot up
Just days before the billionaire took over Twitter, Dogecoin began a new rally. It found its beginning on Tuesday, October 25. Since then, the unit price of DOGE has risen in 8 days, by nearly 170%. It thus reached levels last seen in April of this year. At the time of this writing, the value of the coin is consolidating in a wide range between $0.11 and $0.15.