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Dogecoin is apparently spiking because people believe that Elon Musk could soon integrate a permanent dogecoin payment system on Twitter, the microblogging platform he overpaid for ($43 billion). Twitter has several million daily active users, many of them high-profile, and if even just a small percentage begin transacting in DOGE – as a joke or not – it’s not completely irrational to speculate on that translating into a higher price. Mind you, Twitter already has payment/tipping features using the U.S. dollar and the Bitcoin Lightning network. The latter is rarely used, which gives some indication of how frequently the even-less-widely adopted and even-less-trusted crypto, dogecoin, would (or wouldn’t) be used.
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