Dogecoin Soars Amid Speculation Twitter Could Use DOGE as a Payment Tool

Written by C, Fiona

Last updated: 2022-04-28

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In a series of tweets earlier this month, Elon Musk, CEO of Tesla and SpaceX, offered advice on how the premium Twitter Blue service could be developed. He suggested that it could be cheaper with users paying for their subscriptions using Dogecoin (DOGE).

Dogecoin has rallied hard since it emerged that Elon Musk is going to buy Twitter.

At one point, the memecoin was up 28% in just 24 hours.

All of this comes amid feverish speculation that DOGE could end up playing a starring role in the next iteration of the social network.

Musk has long expressed his affection for the memecoin — and recently enabled DOGE to be used to purchase Tesla merchandise.

In a flurry of tweets earlier this month, the world’s richest man suggested that the premium Twitter Blue service should be much cheaper than its current price of $2.99 a month.

The billionaire indicated that Twitter Blue should cost about $2 a month and eliminate ads, with DOGE offered as a payment method.

In recent months, Dogecoin’s developers have been working to ensure that transactions can be performed more cheaply on its blockchain — with minimum fees reduced substantially.

DOGE’s sudden spike in volatility has led to a marked rise in liquidations, with CoinGlass data revealing they hit $23 million over the past 24 hours.

Will Dogecoin Turn Around?

While DOGE’s rally comfortably makes it the best-performing cryptocurrency in the top 10, the memecoin’s current price of $0.16 is substantially lower than the highs of $0.73 seen about a year ago.

Data shows that Dogecoin has dropped about 78.27% from its all-time high set on May 8, 2021, just hours before Musk made a guest appearance on Saturday Night Live.