David Gokhshtein, founder of Gokhshtein Media, predicts the use of Dogecoin (DOGE) on Twitter. This time, DOGE didn’t get pumped by the words of Tesla CEO Elon Musk. Why did the altcoin price not react?
“DOGE will be the first currency used on Twitter”
When Tesla CEO Elon Musk, a Dogecoin (DOGE) fan, officially took over Twitter, the same thing came to mind. Many people said on Twitter that DOGE will be added as a payment option. One of them was David Gokhshtein, the founder of Gokhshtein Media. Gokhshtein repeats DOGE’s statement on the side that Twitter will become the currency.
When Elon launches the payment system for the platform, DOGE will be the primary currency used on Twitter. I think he likes to troll BTC.
Koindeks.com As you follow, Elon Musk, on October 28, when he bought Twitter, Gokhshtein shared, “Twitter’s official currency is DOGE.” In a recent tweet, Gokhshtein claims that when Elon Musk launches the payment system for Twitter, Dogecoin will be the first currency to be used on the social media network. In connection with this, he cites Elon Musk’s statement that he is working on Dogecoin to mean Twitter integration. In this context, Gokhshtein made the following statement:
Elon’s actually ‘Dogecoin to the Moon!’ I’m surprised you said it! He also stated that he enters BTC, ETH and obviously DOGE. He said you should have them in your cold wallet, not on an exchange. He said he was working on DOGE. That’s what I believe means to integrate it into Twitter.
Tesla employer Elon Musk informed listeners that he is working on Dogecoin while holding a live conference on Twitter Spaces. Also “Dogecoin to the Moon!” yell.
Elon Musk’s vision for Twitter payments
For the first time since Elon Musk took over the company, he made plans for Twitter’s business. Here he discussed Twitter’s vision to process payments. In the midst of this, Twitter has taken a step forward by filing registration paperwork to clear the way for getting paid. Accordingly, the Financial Misdemeanors Enforcement Network or the Treasury Department’s FinCEN applied. However, in its current form, Elon Musk did not directly mention Dogecoin in his proposed Twitter payments scheme. Therefore, explanations and assumptions remain only speculation.
Why didn’t the altcoin price explode?
The comments made by Elon Musk yesterday did not significantly increase the price of the altcoin, which seems to indicate appropriate. As such, the whimsical billionaire reassured listeners that he is working on the future of Dogecoin while holding a live conference on Twitter Spaces. He exclaimed the expression that had become a chest in one-on-one time. After these words, the altcoin price increased by almost 14% in two hours. But momentum has sold out and has not gained further traction.
Why is this a proper sign? The truth is that every single DOGE pump before has heralded a major correction in the crypto market. Naturally, it cannot be called a pattern. Dogecoin is up 100% or more in late October due to Musk’s acquisition of Twitter. However, that was a week before the FTX stock market crash. After the crash, investors and traders preferred to stay away.
The fact that DOGE was not adequately affected by Musk’s statements also makes a lot of sense in defining the current crypto market environment. It seems clear that the market is exhausted. Vendors were exhausted after the FTX collapse. Buyers are often anxious and stick to ‘wait-and-see’ tactics.