Elon Musk, the new face at Twitter, has hinted at different instances of integrating crypto payments. Given the anticipation and past relationships, Dogecoin (DOGE) sees more holders jumping on the DOGE bandwagon. But it looks like the DOGE community is running thin on patience.
Since Elon Musk took over as the new chief executive at Twitter, he has teased and tossed around ideas for changes to the social media platform. One of these changes to come to fruition is a premium subscription service called Twitter Blue. Musk has hinted at the possibility of accepting payments for Twitter Blue in Dogecoin, but no such implementation has been made thus far.
The billionaire has had an on-and-off relationship with cryptocurrencies over the years. And yet, his buyout was considered to be a positive development by many in the crypto community, especially those in the Dogecoin (DOGE) camp. Musk is known for his supportive Dogecoin tweets that often come across as an endorsement. This has led to a surge in the value of Dogecoin and increased investor interest on numerous occasions.
Musk wants Twitter payments to be primarily in fiat currencies, but engineers are reportedly building a system in which crypto payments could be added in the future, according to the Financial Times. With his large Twitter following, Elon Musk has the ability to shape public opinion and influence narratives surrounding Dogecoin. He has made the niche cryptocurrency a mainstream topic of discussion.
Musk Tweets, DOGE Pumps
The ‘Chief Twit’ and his tweets have helped raise awareness about the importance of cryptocurrencies and blockchain technology.
The support gave the crypto community some hope that Dogecoin would become a widely accepted form of payment, not just in finance, but in day-to-day transactions.
The ninth-largest crypto swings erratically anytime Musk mentions DOGE. Recently, on Feb. 6, a long-dormant Dogecoin address awoke. This sparked more public interest and intrigue in the cryptocurrency.
Around the same time, the meme coin soared in trading volume:
Despite its fervent supporters’ attempts at pushing it above the $1 mark during the 2021 bull run, DOGE could only manage to hit $0.74. DOGE eventually dropped back to $0.05 in the summer of 2022. It has recovered slightly since then and is currently trading at $0.093.
If Twitter was ever to complete the integration of Dogecoin as a payment option for Twitter Blue or any other service, it would almost certainly cause the price to pump.
Can DOGE Help Twitter Generate Revenue?
Elon Musk’s takeover of the social media giant from Jack Dorsey hasn’t been without its bumps and bruises. This includes controversies over Musk’s unorthodox management style which forced many employees to leave. The major hiccup, however, was its implementation of the Twitter Blue paid verification system. Herein, Twitter charged $8 monthly for Blue Verification on the web and $11 for those who sign up via Apple’s iOS.
Fast forward to today, and it’s clear that only a small fraction of the platform’s users are willing to pay to keep their verification check. Elon Musk’s Twitter recorded just 180,000 paying subscribers since launching Twitter Blue in the U.S. According to a document viewed by The Information, this amounted to less than 0.2% of monthly active users. If this is true, then it’s no wonder Musk is facing challenges in turning the subscription product into a significant source of revenue.
Keeping the statistics in mind, Twitter may benefit from integrating alternative forms of payment like DOGE. Over four million addresses hold at least one Dogecoin within their cryptocurrency wallets.
Just 700 addresses hold more than 100 billion DOGE (~82% of the total circulating supply). These wallets hold a minimum of 10 million DOGE each. However, it’s worth pointing out that most of these are likely owned by companies or exchanges such as Robinhood and Binance.
Dogecoin Community Running Thin on Patience
As much as 62% of DOGE holders are ‘in the money’ at the current price according to data from the blockchain intelligence platform IntoTheBlock. These investors remain optimistic amid speculation of DOGE’s entry into Twitter’s payment channel.
By integrating Dogecoin as a payment option, Twitter could tap into a new user base and community of cryptocurrency enthusiasts who aren’t interested in paying with fiat. This could lead to increased adoption and usage of Dogecoin, potentially driving more transactions and engagement on the platform. Additionally, the use of Dogecoin for payments can offer faster and cheaper transactions compared to traditional methods, adding to the overall convenience for users.
Despite this, many members of the DOGE community on Reddit and Telegram are losing patience. Some of them even shared their opinions on the topic with BeInCrypto.
One user who goes by the handle TheRob941 stated:
“Honestly, I don’t support Musk anymore. I don’t believe he is altruistic with DOGE, either. He puts out a few tweets or blurbs about it and then goes on his Merry way. Until he declares he stands with DOGE and makes it public, I don’t care what he does. His Twitter isn’t doing DOGE any justice, either. That is just my opinion, of course.”
Another user on Telegram added:
‘I don’t understand how he became the spokesman for it when he doesn’t do anything for the coin except maybe hype it in his tweets. I’m a loyal DOGE hodler and won’t ever sell and did it way before Elon took his very little interest, but the Elon thing has gone a little too far, IMO. Flame at will, but it’s true.’
“He’s a grifter, he sells a vision in hopes that he can one day deliver what he’s promising, but he doesn’t know that.”
Other DOGE HODLers were a bit more optimistic, commending Musk for his support towards the community. When asked by BeInCrypto about paying the subscription fee, one user asserted that he would pay the price in DOGE to support the community.
Some final thoughts
At the time of publishing, Twitter has not indicated any concrete plans to integrate Dogecoin as a payment option.
It’s also important to note that the values of cryptocurrencies like Dogecoin are highly volatile. This could make it challenging to use as a stable form of payment.
Following the Trust Project guidelines, this feature article presents opinions and perspectives from industry experts or individuals. BeInCrypto is dedicated to transparent reporting, but the views expressed in this article do not necessarily reflect those of BeInCrypto or its staff. Readers should verify information independently and consult with a professional before making decisions based on this content.