In ‘chicken flight’, Dogecoin soars on Twitter rumours

In ‘chicken flight’, Dogecoin soars on Twitter rumours

THE Dogecoin (DOGE)Elon Musk’s cryptocurrency of choice, soared 7% in just 10 minutes on Monday afternoon (30) after the Financial Times claimed that Twitter is seeking regulatory licenses to develop its payment system.

However, the cryptocurrency returned almost all of its gains in the next few minutes. After all, FT sources have also claimed that Musk plans to integrate fiat currencies in the first place. That is, cryptocurrencies would be in the background.

Despite not commenting on the matter, Twitter’s CEO this morning joked about bankrupt brokerage firm FTX, stressing that it will be difficult for clients and creditors to recover their savings.

Twitter is starting to apply for legal licenses to handle payments

After resuming control of the website, Elon Musk asked his followers what to do with it. Years later, the billionaire came up with the idea of ​​asuper app” which can be used for socializing, making payments and more.

So both the purchase of Twitter and the introduction of a payment system in it could be part of your idea.

According to the Financial Times, Twitter is already doing that “began applying for US legal licenses and designing the necessary software” be more than a common social network. Since its biggest rival, Facebook, failed to create its own cryptocurrency, this may have influenced Musk not to go down the same path.

Therefore, Twitter’s new payment system will initially use fiat currencies, FT sources say. However, the integration of cryptocurrencies would be activated in the future.

Dogecoin’s chicken flight

Elon Musk is not only accepting Dogecoin for his products, he is also pressuring other entrepreneurs to do the same. As an example, he asked again last Friday (27) if McDonald’s accepts DOGE in its cafeterias.

Therefore, it would make sense to imagine that DOGE was the first cryptocurrency to be adopted by Twitter. With the news that Twitter is seeking licensing, DOGE surged 7% in just 10 minutes, but all enthusiasm quickly died when some of those gains were reversed.

Dogecoin rises after news on Twitter, but falls back soon after. Source: TradingView.

The reason could be Musk’s hesitation to work with cryptocurrencies in the first place, as noted above. In other words, DOGE may take a while to get free attention on Twitter.

finally, the DOGE continues with an increase of 22.59% since the beginning of the year. Although behind the 39% and 34% from Bitcoin and Ethereumis still in the top 10 cryptocurrencies on the market.

Source: Live Coins