• Twitter recently announced a creator subscription program, and Elon Musk jumped to subscribe to the Dogecoin founder.
  • Dogecoin price has been significantly swayed following Elon Musk's remarks in the past.
  • Twitter launching crypto and stocks trading on the platform could be a trigger for the alt season.

Dogecoin price has long benefitted from its long-time affiliation with Elon Musk. The Twitter owner's interest in the meme coin is widely known and criticized by the community as it has also been alleged as potential price manipulation. But this time, the crypto community might see through Musk's attempt at inflating DOGE.

Dogecoin price prepares for a journey

Elon Musk has been advocating the use of Dogecoin for years and has even deemed it as a potential currency. He has also made some contributions to making this happen by promoting payments through the meme coin by selling Tesla merch using DOGE.

The SpaceX founder's endorsement of the cryptocurrency even reached the point where in May 2021, he was alleged to be involved with the Dogecoin development since 2019. However, Musk refuted these claims a few months after stating neither he nor any of his peers were associated with DOGE's development.

While the truth remains a matter of hearsay, Elon Musk probably said so to protect his credibility in the community, as back in 2021, skepticism surrounding digital assets was still high.

But Elon Musk seems to be returning to his Dogecoin espousal, given some of his recent decisions regarding Twitter. The social media portal recently started a creator subscription program allowing users to deliver exclusive content to their audience in exchange for money. Not so surprisingly, Twitter's owner Elon Musk soon after subscribed to the founder of Dogecoin, Billy Markus, more famously known as Shibetoshi Nakamoto.

Additionally, Twitter announced it would be enabling crypto and stock trading on the platform, which would act as a definite bullish scenario for the digital asset market. However, Elon Musk did bear some criticism following this announcement, not for the policy but for Twitter's enthusiastic plans and failure to execute them.

When it comes to Dogecoin price, Elon Musk's influence stands strong, and the meme coin could certainly observe some increase. The last time Musk majorly influenced DOGE price was in May 2021, as the meme coin shot up by 103% in a week ahead of the Tesla CEO's appearance on the TV show Saturday Night Live (SNL). 

If DOGE was to chart a 103% rally now, the coin would land at $0.177 from its trading price of $0.087. However, the altcoin will not be noting another similar rally this time around, given the decline in meme coin hype, poor macroeconomic conditions and Bitcoin's rising dominance.

Twitter is set to bring crypto to the world

Twitter's announcement of launching crypto and stock trading on the platform would be a good opportunity for the crypto market to attract investors. Exchange Traded Funds (ETFs), NFTs, and advertisements only promote cryptocurrencies to a limited number of people. But Twitter would be the perfect medium to target a larger audience base as it has over 326 million monthly users.

Plus, it comes at just the right time as Federal Reserve, during the Federal Open Market Committee (FOMC) minutes, recently noted that it expects a recession this year, albeit mild. This could push crypto to mainstream investors as the Dollar continues to fall amid high inflation and recession fears.


Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Recommended content


Recommended Content

Editors’ Picks

Polygon joins forces with WSPN to expand stablecoin adoption

Polygon joins forces with WSPN to expand stablecoin adoption

WSPN, a stablecoin infrastructure company based in Singapore, has teamed up with Polygon Labs to make its stablecoin, WUSD, more useful in payment and decentralized finance.

More Cryptocurrencies News
Coinbase envisages listing of more meme coins amid regulatory optimism

Coinbase envisages listing of more meme coins amid regulatory optimism

Donald Trump's expected return to the White House creates excitement in the cryptocurrency sector, especially at Coinbase, the largest US-based crypto exchange. The platform is optimistic that the new administration will focus on regulatory clarity, which could lead to more token listings, including popular meme coins.

More Crypto News
Cardano's ADA leaps to 2.5-year high of 90 cents as whale holdings exceed $12B

Cardano's ADA leaps to 2.5-year high of 90 cents as whale holdings exceed $12B

As Bitcoin (BTC) gets closer to the $100,000 mark for the first time — it crossed $99,000 earlier Friday — capital is rotating into alternative cryptocurrencies, creating a buzz in the broader crypto market.

More Bitcoin News
Shiba Inu holders withdraw 1.67 trillion SHIB tokens from exchange

Shiba Inu holders withdraw 1.67 trillion SHIB tokens from exchange

Shiba Inu trades slightly higher, around $0.000024, on Thursday after declining more than 5% the previous week. SHIB’s on-chain metrics project a bullish outlook as holders accumulate recent dips, and dormant wallets are on the move, all pointing to a recovery in the cards.

More Shiba Inu News
Bitcoin: Rally expected to continue as BTC nears $100K

Bitcoin: Rally expected to continue as BTC nears $100K

Bitcoin (BTC) reached a new all-time high of $99,419, just inches away from the $100K milestone and has rallied over 9% so far this week. This bullish momentum was supported by the rising Bitcoin spot Exchange Traded Funds (ETF), which accounted for over $2.8 billion inflow until Thursday. BlackRock and Grayscale’s recent launch of the Bitcoin ETF options also fueled the rally this week. 

Read full analysis
Best Forex Brokers with Low Spreads

Best Forex Brokers with Low Spreads

VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.

Read More

BTC

ETH

XRP