Dogecoin to the Moon! Can Elon Make DOGE the Next Crypto King in 2023?

Dogecoin to the Moon! Elon Musk lifts Twitter ban on Dogecoin accounts; DOGE pumps 7%

Dogecoin to the Moon: Elon Musk, the new owner of Twitter, has continued to tease new developments that could see Dogecoin (DOGE) come to play a more prominent role on the micro-blogging platform. Amidst all of the hustle and bustle surrounding the reorganization of Twitter and the revelations of the "Twitter Files," Elon Musk took the time a few hours ago to fix a pressing problem for the Dogecoin community. In recent days, Musk has declared war on spam bots on Twitter. In doing so, the algorithm and the Twitter team may have been a bit too harsh. Can Elon make DOGE the next crypto king in 2023?

A project the billionaire entrepreneur is calling Twitter 2.0 is fueling speculation that the dog-themed memecoin could become the native payment method on the platform. According to the vision for Twitter 2.0 that Musk shared, the platform is to have payments as a core service shortly, although no details of how it will be implemented have emerged.

Can Elon Make DOGE the Next Crypto King in 2023?

Dogecoin founder Billy Markus wrote on Twitter that more than a dozen Dogecoin Twitter accounts were suspended last weekend, even though they were mainly just tweeting DOGE memes. Markus wrote that these accounts were unjustly suspended:

A whole bunch of accounts of people who, as far as I know, generally don't do anything but tweet memes and positivity are being suspended. Pretty weird man.

Twitter CEO Elon Musk, who through a representative is part of the Dogecoin Foundation's five-member advisory team alongside Markus and Vitalik Buterin, responded to the tweet within three hours.

Musk wrote that his Twitter team had been a bit too aggressive with the suspension of spam-bot accounts. "Team was a bit too intense with spam/bot suspensions. Moving to chill mode," Musk replied.

Dogecoin founder Markus then confirmed that the accounts have been reactivated "Welcome back Doge accounts. ty @elonmusk," Markus added.

Dogecoin Payments on Twitter

Elon Musk has once again hinted at getting Dogecoin payments on Twitter without saying anything specific about the timeline of the launch. During a Twitter Space last Saturday, Musk was asked whether he would bring crypto payments to Twitter. Responding to it, Musk said: "dogecoin to the Moon".

Elon Musk's recent hint has helped the DOGE price to rally over the last weekend. As of press time, DOGE is trading above $0.10 with 12% gains over the last week. Over the last two weeks, the DOGE price rally has overshadowed gains by some of the top cryptocurrencies like Bitcoin and Ether.

Doge has lifted other dog-themed coins in its wake, chiefly Shiba Inu, which has the same motif of the Japanese canine breed as doge and is designed to be compatible with the Ethereum blockchain. Shib, which trades at just $0.00001, jumped by a third in the days after Musk closed the Twitter deal. Unlike bitcoin, both doge and shib have near-unlimited supplies, meaning it would take more than mere speculative hoarding to drive their prices up.

Bets that Musk may allow crypto payments with dog tokens were kindled by his tweet last week of a picture of the Shiba Inu dog wearing a Twitter T-shirt. Yet the early rally has stalled, with many crypto investors stumped about how serious he is about dogecoin.

Musk, the world's richest person, called dogecoin a "hustle" on a talk show in May last year, for instance, sending the price tumbling. Then in January this year, Tesla started accepting dogecoin as payment for its merchandise, such as the "Giga Texas" belt buckles and mini models of electric vehicles. Musk's newly launched perfume "Burnt Hair" can also be bought with doge.