As Elon ‘The Dogefather’ Musk continues the extreme makeover of Twitter, Dogecoin (DOGE) continues to enjoy the spotlight. Since Musk’s Twitter takeover on October 27th, 2022, the top dog memecoin’s market capitalization has doubled, going from $10.6bn to a whopping $21.77bn on November 1st, 2022. On top of that, DOGE now has 396 million users worldwide and is the largest Proof-Of-Work (PoW) cryptocurrency aside from Bitcoin (BTC).
Besides, the latest statistics revealed by Lunar Crush show that Twitter spam levels have significantly dropped since November 7th, 2022. The 50% decline in spam is rather unusual, as the level of internet junk had been “steadily increasing for years.”
Incredible. Spam on Crypto @Twitter has fallen SHARPLY since @elonmusk took over.— Joe (@joevezz) November 24, 2022
Falling over 50% from the highs on November 7th.
We have never seen a reversal like this and have been analyzing CryptoTwitter data since January 2018.
Source: @LunarCrush pic.twitter.com/Kn96Evxezj
When to Expect DOGE’s Integration into Twitter?
The revelation comes just a week after Twitter hit an all-time high usage, according to Chief Twit Elon Musk. The social mentions also helped DOGE to stay afloat in the harsh conditions of the prolonged crypto winter.
Furthermore, despite the Twitter Crypto wallet being put on hold during the mass layoffs, talks to develop it are now resuming. Musk confirmed this on Twitter Spaces, also adding “Dogecoin to the moooon!” and finally reassuring his loyalty to the canine coin with trademark wild dance moves.
Going into further detail on the Twitter Crypto Wallet, crypto enthusiasts tend to believe that OGE would be the default option for one-click payments. In such a case, Twitter users would be able to tip the creators in Dogecoin DOGE, as well as other popular cryptocurrencies. Musk himself recently revealed that he holds BTC and Ethereum (ETH), but his biggest bag of crypto is held in his cherished DOGE.
Ultimately, the question of when cannot be answered yet, but the recent developments in Twitter’s infrastructure suggest that the Twitter Crypto Wallet is definitely on the horizon.
It’s increasingly likely that:— 💸💸💸 (@itsALLrisky) November 23, 2022
1) Twitter integrates 1-click payments, using $DOGE as the default currency and facilitating the booming creator economy
2) Twitter becomes the most popular app in the world
3) #Dogecoin moons and @elonmusk becomes the world’s first trillionaire
On the Flipside
- Despite doubling up on November 1st, 2022, Dogecoin’s market cap drastically shrunk due to the FTX disaster.
- Because of the FTX fiasco, DOGE’s market cap is nearly back at the same level it was prior to the Twitter takeover.
Why You Should Care
Dogecoin’s integration into Twitter as the default payment method could break the ice for crypto adoption.