Today at a Twitter Space, Twitter CEO Elon Musk out of the sudden said “Dogecoin To The Moon” when being asked about something completely different. This prompted a +20% spike in the price of Dogecoin, and got crypto enthusiasts wondering if this could be the start of Dogecoin becoming the cryptocurrency of Twitter.
Let’s take a look at the reasons why this could be the case:
First, Dogecoin is highly accessible and easy to acquire. Unlike other cryptocurrencies, which often require going through the process of setting up a decentralized wallet and buying it on a DeFi exchange, Dogecoin can be easily bought and sold on popular cryptocurrency exchanges like Coinbase and Binance.
Second, Dogecoin has very low transaction fees. This is important because it means that users can send and receive Dogecoin without having to worry about high fees eating into their profits.
For example, when I sent $5 worth of Bitcoin to a friend last week, the transaction fee was $0.21 — more than 4% of the total amount! With Dogecoin, that same transaction would have only cost me $0.0001 — a fee of just 0.0002%.
Finally, and most importantly, Dogecoin has a huge community behind it. The Dogecoin community is one of the most vibrant and active in all of cryptocurrency. Day and night, there are always people talking about Dogecoin on social media, posting memes, and working on projects to help grow the ecosystem. This passionate community is one of the main reasons why I believe that Dogecoin has what it takes to become the cryptocurrency of Twitter.
Only time will tell if Dogecoin can become the cryptocurrency of Twitter. However, given its low fees, high accessibility, and passionate community, I think it has a very good chance!