Dogecoin: Join Coin Bureau to analyze what happens if Elon Doge is on Twitter
Popular Coin Bureau YouTube channel host is discussing whether Dogecoin (DOGE) is ready for real-world use cases thanks to Elon Musk's Twitter takeover.
In a new video update, Coin Bureau's Guy moniker told his 85,900 subscribers how Musk's "freeing the bird" could usher in a new era for DOGE.
“Can you see all the Bitcoin HODLers opening their wallets to spend their BTC on Twitter? I'm not sure I can do it. And, like it or not, BTC is now digital gold. And, as Gresham's Law states, the more valuable something is considered valuable, the less likely people are to want to spend it.
Meanwhile, DOGE's sheer abundance means people are more likely to be willing to spend it than hold. And of course, using DOGE, or for that matter, any other cryptocurrency also has many advantages over fiat currency. For one thing, Twitter wouldn't have to set up dozens of dedicated payment gateways around the world to use a freely available Internet-based currency.
Most exchanges support DOGE and it is probably second only to Bitcoin in terms of recognition. Most people probably don't know the details of this…but chances are they've at least heard of it.
After that, DOGE token prices are also low, meaning that many crypto newbies will feel more comfortable using something like BTC. "
Exploring use cases for DOGE on Twitter, Guy speculates that it could be used to pay blue checks to premium users as a subscription service aimed at weakening the media giant's reliance on social into advertising revenue.
According to Guy, all of these factors and many more add up to create the current DOGE price pump. However, despite the fact that Dogecoin has rallied 133% in the past seven days, Guy said that DOGE appears to be overbought and its rally may be about to fade.
At the time of writing, DOGE is changing hands at $0.139.
Nov 02, 2022