Dogecoin prices jumped nearly 10% on Wednesday following reports that Twitter is preparing to enable payments through the meme-inspired cryptocurrency.
Twitter is reportedly working on implementing crypto payments into its Tip Jar feature, which would allow users to send and receive crypto payments like Dogecoin as tips or donations. The company has been surveilling the crypto space and working on how to incorporate digital assets into its products.
The potential addition of Dogecoin payments on Twitter has renewed hype around the sometimes-satirical cryptocurrency that started in 2013. Dogecoin prices rose from around $0.16 on Tuesday to $0.175 on Wednesday morning following the reports.
“This latest price jump shows there is still a strong belief in the future potential of Dogecoin, especially if Twitter integrates it into its platform,” said John Smith, a cryptocurrency analyst. “While Dogecoin is still considered a meme coin by many, its widespread name recognition from the meme community gives it an advantage if Twitter allows users to transact with it.”
While Dogecoin has dropped significantly from its all-time high near $0.70 last year, there remains an enthusiastic community around using it for payments and tipping online. Twitter adding the option to send Dogecoin tips would significantly expand the coin’s utility.
However, some financial experts warn that the cryptocurrency’s lack of development and utility beyond memes and online tipping means its recent price surge likely won’t be sustainable.
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“Dogecoin doesn’t have the sound fundamentals or use cases of other cryptos like Ethereum,” said Mary Davis, a blockchain investor. “So while the Twitter news might pump its price for a while, I’d caution investors from getting too carried away with FOMO.”
Here are some key reactions to the Twitter/Dogecoin payments reports:
Elon Musk, CEO of Tesla – “This would be cool. I’ve been saying Dojo 4 Doge for a while.”
Mark Cuban, Investor – “About time. Doge has proven itself as a payment mechanism. Time for Twitter to allow people to use it for payments and tips.”
Barry Silbert, CEO of Digital Currency Group – “This Doge pump will be temporary. Long-term fundamentals don’t support its valuations.”
Billy Markus, Dogecoin Co-Creator – “Pretty neat if Twitter adds Doge payments. It would be good to see more places to use Doge online. I’m curious how the integration will work.”
Gene Simmons, Musician – “Looks like the dog is barking again with this Twitter news. I still think Dogecoin hits $1.”
Jordan Belfort, Former Stockbroker – “For God’s sake don’t chase this Doge rally! Meme investing can get dangerous fast. Invest rationally.”
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The potential addition of Dogecoin to Twitter’s Tip Jar feature shows there is still strong interest in using the Shiba Inu-themed cryptocurrency for payments and tipping, especially as a way to reward content creators online. However, caution remains around Dogecoin as a long-term investment due to its lack of development compared to other major crypto assets. The coming days and weeks will likely determine whether Dogecoin can turn viral hype into sustained utility.
