Twitter may soon accept Dogecoin as payment. Dogecoin’s price jumped over 22.5% in the previous week, from $0.075 to $0.094, according to Decrypt. The incorporation of payments on the social media platform is merely speculative. However, featuring Twitter CEO Elon Musk’s preferred digital coin in the line up makes perfect sense.
Musk recently shared some internal Twitter presentation slides. These included blank spaces next to Twitter payments. Some have theorized that this could be where cryptocurrency will be accepted.
Valued at close to $13 billion, Dogecoin has overtaken other digital coins such as Solana, Litecoin, Cardano, and Polygon. Dogecoin currently stands as the eighth largest cryptocurrency by market cap. Created by IBM software engineer Billy Markus and Adobe engineer Jackson Palmer, Dogecoin was reportedly created to mock Bitcoin.
Ironically, Musk has both rallied and criticized Dogecoin, leading to significant fluctuations in its value in the last couple of years. He notably appeared on Saturday Night Live, deriding the coin and seeing an immediate drop of 30% in value shortly after.
We have covered the extreme volatility of cryptocurrencies and how the government aims to rein in the unruly nature of these digital coins.
Dogecoin will be undergoing some much-needed improvements. Ethereum co-founder, Vitalik Buterin announced plans to partner with the Dogecoin Foundation to help Dogecoin transition from its current Proof-of-Work (PoW) mechanism to Proof-of-Stake (PoS). This is to avoid the considerable amount of energy needed to confirm transactions.
