Multiple events in recent months have pointed to a possible future of Twitter’s crypto integration. While these developments were overshadowed by the FTX bankruptcy, DOGE price was one of the altcoins leading October after a long hiatus. So how likely is it to reach $1?
The future of Dogecoin
The DOGE price has been around since November 2021 but managed to catch a spark in October. It rose from $0.05 to $0.14 in a few days thanks to Elon Musk. After months of negotiations, Musk became the new owner of Twitter. cryptocoin.comAs you can follow, DOGE rallied over 150% on these news.
Dogecoin investors and the community expect Musk’s takeover of Twitter to spark some sort of resurgence. The increase in price after Musk’s purchase was based entirely on speculation. Still, it provides additional fuel to the idea that Dogecoin’s best days are ahead.
Entering Twitter HQ – let that sink in! pic.twitter.com/D68z4K2wq7
— Elon Musk (@elonmusk) October 26, 2022
Now that Musk is at the helm of Twitter, some sort of crypto functionality is expected to come to the platform. Musk has a chance to integrate not only Dogecoin but other cryptocurrencies as well. Also, leaked documents showed that Twitter is working on a crypto wallet for users. To take it one step further, Twitter Payments LLC’s latest application to register as a money transmitter was made public this week. The application was made to the US Treasury Department’s Financial Crimes Enforcement Network. You can find the details on the website.
Approval of this app will allow Twitter to differentiate itself from other social media platforms that lack payment functionality. These signals point to a future where cryptocurrency is making its way to Twitter.
How current are the $1 price targets for DOGE?
If Dogecoin gets approval for Twitter integration, it will provide fuel for its next leap. For most of its history, people haven’t had the opportunity to do the real thing with DOGE. Except for buying some Tesla products, Dogecoin still lacks utility today. But if Musk introduces some kind of legitimate application of the cryptocurrency to Twitter, it will provide a catalyst for the bulls. This will provide fuel for Dogecoin to reach its $1 target soon.
For this to happen, Dogecoin needs to grow more than 1,000%. If we look back to 2021, we can see that Dogeocin completed such a rally within days. In fact, last year, during Dogecoin’s peak, Musk said that “fate likes irony” about the possibility of it surviving in the long run.
As a result, it would make sense to listen to Elon Musk’s own advice. In May 2021, he said that you should not “invest your life savings” in cryptocurrencies. News that Twitter is applying to become a payments company in no way guarantees the value of an entire Dogecoin portfolio. But there are legitimate reasons to believe that Musk will continue to spearhead a path for Dogecoin to become more mainstream.
