On November 27th, Twitter’s new owner and CEO, Elon Musk, Tweeted slides of a company talk that showed future plans of the social media company, including how to make improvements.
The last two slides included documentation on Twitter 2.0 that pointed out how the company would improve advertising as entertainment, video, encrypted DMs, long-form tweets, and lastly, payments.
Slides from my Twitter company talk pic.twitter.com/8LLXrwylta
— Elon Musk (@elonmusk) November 27, 2022
The Last Slide on Payments Was Blank
Crypto Twitter community members were quick to note that the final slide about payments was particularly blank. This fact reignited speculation that Elon Musk could likely integrate crypto payments on the platform using Dogecoin (DOGE).
Dogecoin Pumps by 20% from $0.09 to a Local High of $0.108
Further checking the one-hour DOGE/USDT chart below courtesy of Tradingview.com, it can be observed that Dogecoin was trading at around $0.09 before Elon Musk’s tweet revealing plans for Twitter 2.0. The memecoin then had a massive 20% pump to a local peak of $0.108 but has since almost retraced by 11.5% at its current value of $0.09548.
What the One-day DOGE/USDT Chart Says
Further checking the one-day DOGE/USDT chart below, it can be observed that Dogecoin remains in bullish territory above the 50-day (white), 100-day (yellow), and 200-day (green) moving averages. However, Dogecoin’s momentum due to Elon Musk successfully acquiring Twitter seems to have been slowed down.
Its daily MACD hint at renewed buying by Dogecoin traders. Its MFI and RSI are in neutral territory, suggesting that the meme-coin could be in a consolidation phase as the crypto-wide FTX situation cools down.
Therefore, a wait-and-see approach is recommended when going long on Dogecoin in the crypto markets.
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