Dogecoin Price Spikes with Twitter's Push into Payments
·2 min
The Altcoin Podcast episode focuses on Twitter's entry into the payment space and its effects on cryptocurrency, particularly Dogecoin. Host Chad Michael Burry introduces the topic by noting Twitter's long-term interest in payments, with CEO Elon Musk emphasizing fiat currencies initially but leaving room for future crypto integration. Dogecoin's price surged from $0.08 to above $0.093 following the announcement, illustrating its sensitivity to Musk's actions. Twitter registered as a payments business in November 2020 and is creating a 'coins' feature that allows users to pay with fiat for virtual coins redeemable for awards, similar to Reddit's system. Crawford, Twitter's director of product management, oversees this payments product. Despite the crypto engineering lead departing in November, Twitter maintains crypto-related features, including NFT verification for Twitter Blue subscribers and Bitcoin tipping via Strike for eligible users. Crawford confirmed Twitter lacks a communications lead and declined to comment on future payment plans. For traders, Dogecoin is approaching the 786 Fibonacci extension on the four-hour chart, with a break above 9.7 cents potentially leading to further gains. Burry cautions that a slight pullback is likely, emphasizing this is not financial advice but analysis from an amateur trader. The episode blends news analysis with market insights, targeting crypto investors interested in social media's influence on digital assets.
