Is Twitter Implementing Dogecoin As A Payment Option?

NEW DELHI (CoinChapter.com) — Elon Musk is reportedly moving forward with plans to introduce payment tools on Twitter. However, Musk’s vision entails introducing fiat payments first, while Twitter implementing Dogecoin as a payment option would be a part of future updates.

In a Jan 30 report, the Financial Times stated that the social media giant had applied for a regulatory license and working on the software needed to implement payment options on its platform.

The FT report revealed that Musk would first introduce a fiat-based payment system. However, the Tesla and Twitter CEO wants a system that can incorporate crypto payments down the line, anonymous sources told FT.

Musk has reportedly appointed Esther Crawford as the CEO of the Twitter payments platform, said people familiar with the matter. Crawford is one of the few remnants of Twitter’s old guard who survived Musk’s purge-like layoffs.

Crawford bought into the Tesla CEO’s vision of “hardcore” vision of intense and long work hours, which helped in her meteoric rise in Musk’s “new Twitter.”

Although Twitter currently allows payments for some services, such as subscriptions, a payments platform is part of Musk’s plans to transform the social media app into an “everything app.”

Dogecoin As A Payment Option Coming Soon?

Meanwhile, news of a payment system in the works sent crypto Twitter into a frenzy. Several users shared posts wondering when Twitter would introduce crypto payments.

Moreover, fans of the meme coin Dogecoin were especially ecstatic, given that Musk is a very vocal proponent of the token, earning him the moniker of the “DogeFather.“

Meanwhile, news of a payment system in the works raised speculations of DOGE payment getting added on Twitter.

Dogecoin price recovered later in the day, likely reacting to the speculations of DOGE payments on Twitter.

Momentum Turning Bearish For DOGE Price

DOGE price dropped 9% to form a daily low of $0.085 on Jan 30. However, bulls recovered some of the lost ground later in the day.

Furthermore, the current DOGE price rally has left Dogecoin’s 20-day EMA (red wave) posied to needle above its 200-day EMA (green wave). Once the short-term 20-day EMA moved above the 200-day EMA to form a golden cross.

Traders often consider the pattern an indicator of positive market sentiment and a buy signal. Once buyers enter the market, DOGE price might rise to $0.092. Breaking and consolidating above immediate resistance could help the Dogecoin price to target the key psychological resistance near $0.1.

On the other hand, the momentum oscillator MACD continued to be bearish for the Dogecoin token.

Positive bars on the MACD histogram are contracting, indicating the MACD line (difference between 12-day and 26-day EMA) moves toward the MACD signal line (9-day EMA of MACD), likely to form a bearish crossover.

Once a bearish crossover is formed, sellers might enter the market, pushing DOGE price to test the 20-day EMA and 200-day EMA support confluence near $0.085. Breaching the immediate support level might increase the selling pressure, forcing the Dogecoin token price to drop to $0.078 before recovering.