Some have speculated that a move by the new owner to incorporate financial services into Twitter could also see Musk’s preferred cryptocurrency become involved in some way.
In a Sunday tweet, Musk shared a slide from an internal Twitter presentation. Unpacking “Twitter 2.0,” he outlined several potential changes, including encrypted DMs and long-form tweets. The presentation also includes a blank space next to payments, leading some to speculate that a cryptocurrency may be used.
The latest rally now places Dogecoin eighth in the ranking of the largest cryptocurrencies by market cap. At roughly $13 Billion the cryptocurrency is larger than Polygon, Cardano, Litecoin, and Solana.
In May 2021, when he appeared on Saturday night live and appeared to mock the coin, it lost around 30% of its value in the immediate aftermath.
Aside from Musk-related speculation, the news comes as the technical foundations of the meme coin may soon begin undergoing serious improvements.
Ethereum co-founder Vitalik Buterinconfirmed in February this year that he would work with the Dogecoin Foundation so that the coin could undergo a transition to proof of stake from its current Proof-of-Work (PoW) consensus mechanism.