Does Elon Musk intend to integrate Dogecoin into Twitter?

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Does Elon Musk intend to integrate Dogecoin into Twitter?

Cryptocurrency Dogecoin (DOGE) is once again at the forefront of investor interest and has surged 120% in the past week as a result of Elon Musk's acquisition of Twitter. With this move, Musk initiated another period of Dogecoin growth.

The Dogecoin price jumped nearly 75% to reach $0.146 on October 29, the biggest daily gain since April 2021. In total, the price of DOGE rose 150% between October 25 and October 29. The upswing was also accompanied by a decent increase in daily trading volumes.

This coincided with an increase in the number of DOGE transactions exceeding $100,000, both indicators suggesting growing demand for Dogecoin tokens. Elon Musk has always played a key role in the growth and development of Dogecoin.

His influence on the general course of the crypto market is quite significant, so we have repeatedly witnessed how his Twitter posts significantly influenced the price of certain cryptocurrencies, especially Dogecoin, which he often called "the cryptocurrency of all people"

Musk's companies Tesla and SpaceX already accept DOGE payments. By officially taking over Twitter, Elon Musk could start using this most popular meme coin for many other services that the social network offers. In his post on Twitter, Elon Musk wrote that Twitter users who want a “blue checkmark” next to their name indicating a verified account will be charged $8 per month for this service.

Shiba Inu also grows

Shiba Inu, the second-largest meme token by market capitalization, also saw growth. SHIBA price jumped 30% to $0.00001519 on October 29, the highest level since August 2022. As for the general state of the cryptocurrency world, Bitcoin has been somewhat less in focus in the last seven days.

During this period, the most popular cryptocurrency grew by about 8%, while other cryptocurrencies recorded multiple growth. It seems that investors have slowly shifted their interest to other digital currencies, in this case to Dogecoin.

Will Musk integrate Dogecoin into Twitter?

Researching Twitter's use cases for DOGE, Guy speculates that it could be used to pay for a subscription service for premium user "blue ticks" to reduce the social media giant's reliance on ad revenue.

However, despite Dogecoin's rise in the last seven days, DOGE appears to be quite overbought and its rise may soon stop. Overbought/oversold is otherwise a term used when a security is believed to be trading at a level above its intrinsic or fair value.

This term generally describes the recent or short-term price movement of a security and reflects the expectation that the market will correct the price in the near future.