Crypto: Dogecoin rallies while bitcoin falls, as Musk considers crypto payments for Twitter
Dogecoin jumped more than 8% Tuesday, outperforming other major cryptocurrencies, after a report said Elon Musk is pushing Twitter to build a payments system where crypto might be incorporated.
The Shiba-Inu themed meme token
went up to around $0.094 on Tuesday, while bitcoin
dropped 0.4% to around $23,076, according to CoinDesk data. Still, bitcoin is on track to record its strongest monthly price performance since Oct 2021, as the crypto recovered from its low after digital asset exchange FTX imploded in November.
Twitter has been applying for regulatory licenses and devising the software it needs to enable payments through the site, the Financial Times reported Monday. Elon Musk, a long-time dogecoin backer, has said he wants Twitter to use fiat currencies at first, but has built the payments software so that crypto functionality may be added later, the report noted.
Dogecoin supporters are hoping that Musk could provide more use cases for the meme token, after Musk’s SpaceX started accepting the crypto for some merchandise in June. Tesla
made a similar move in January 2022. Musk also contributed to Dogecoin’s previous jumps after making comments about the token through tweets and other platforms, though such rally tends to be short-lived.