Dogecoin was rallying Friday as the memecoin once again benefited from hopes that it could see a boost in use because of Twitter. This time, the gains have less to do with Elon Musk’s antics, however.
The price of Dogecoin has jumped 7% since early Thursday, outperforming Bitcoin and many other cryptocurrencies over the same period—though digital assets widely have risen amid positive economic data and a key upgrade to the Ethereum network.
While…
was rallying Friday as the memecoin once again benefited from hopes that it could see a boost in use because of Twitter. This time, the gains have less to do with Elon Musk’s antics, however.
The price of Dogecoin has jumped 7% since early Thursday, outperforming
and many other cryptocurrencies over the same period—though digital assets widely have risen amid positive economic data and a key upgrade to the
network.
While Dogecoin’s price action largely lives and dies on the back of Tesla (ticker: TSLA) CEO Elon Musk’s antics, this latest surge is in response to a real deal. The broker eToro said Thursday that it has partnered with Twitter to enable the social media platform’s users to see prices for stocks and cryptos instantly when they use the “$Cashtags” feature.
Dogecoin bulls have long hoped that Musk would include the token in a future vision of Twitter that involved widespread crypto payments, or even use small payments of the memecoin as a way to differentiate genuine users from spam bots. While the eToro deal doesn’t involve Dogecoin specifically, implementing trading data on Twitter offers an encouraging sign that the company’s growth into payments could be picking up pace.
Overall, Dogecoin’s future has looked a bit brighter since Musk bought Twitter last year. He is a longtime fan of the memecoin—called that because it was launched initially as a reference to an internet joke involving a Shiba Inu dog, or “doge.” For years, Dogecoin has moved on Musk’s references to it on Twitter and television—the CEO previously dubbed himself the “Dogefather” and admitted owning the jokey digital asset.
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While Dogecoin saw a rally last month after Twitter changed its home-page logo to a Shiba Inu dog—the best sign yet that the token might have a future at the social media platform—the surge faded as quickly as it came about.
But the eToro deal should be enough of a bone for Dogecoin bulls to chew on, for now at least.
Write to Jack Denton at jack.denton@barrons.com