Elon Musk will not lead Twitter. How it will affect cryptocurrencies

Elon Musk will take over as CTO, focusing among other things on the integration of payments into this social network

Elon Musk will leave the post of CEO of Twitter. He announced this in his account on the social network. He has been Twitter’s CEO since the social network’s $44 billion acquisition in 2022.

Musk uses Twitter’s polling interface to get followers’ opinions on the social network’s various policies. Late last year, he launched a poll about whether he should resign as head of the service. By a relatively small margin, most of the votes were positive. Musk joked that he would leave when he “found some crazy person” to replace him. And then he himself will move to the development team.

That “madman” eventually became Linda Yaccarino, head of advertising at NBCUniversal, which owns a network of TV channels and several movie studios. Musk specified that she would start working “in about half a month.” He himself will take over as chairman and CTO of Twitter.

Integration of cryptocurrencies into Twitter social network interface, opinions of Crypto-Upvotes experts

Judging by the history of Musk’s statements, he really does not give up hope of integrating cryptocurrencies into the interface of the social network Twitter. If we take into account his previous global goals to develop a “super-application” X (similar to China’s WeChat). Then it is possible to assume the creation of some ecosystem with internal support of cryptocurrencies. And of which Twitter would be a part, our expert thinks.

But if we consider Twitter separately, at the initial stage Musk could introduce a function of sending money through personal messages. And paying for subscriptions to paid content or Twitter Blue status for cryptocurrency. Any kind of coin could be suitable for these purposes. And so Bitcoin and Dogecoin (DOGE) could potentially benefit from such integration.
Introduction of a payment function in Twitter is one of Musk’s key objectives, according to our experts.
In their opinion, it will turn the social network into a more predictable and stable source of income. It will also add features which are absent in other social networks. And by doing so, it will attract new users and make the social network a more profitable asset in Musk’s portfolio.

Technically, the integration of cryptopayments into Twitter could be done in partnership with a third-party cryptocurrency company. For example, Coinbase, which already has a developed infrastructure – wallets, exchange, business solutions and payment gateways.

Or another option – Musk will buy a payment gateway operator. In any case, the main task is not just to introduce cryptocurrencies. But to allow those who don’t have them to conveniently buy cryptocurrencies and just as conveniently spend them within the social network.

Despite Musk’s plans, the likelihood of introducing cryptocurrencies is still in question. Because of the “witch hunt” by the U.S. regulators, which has already provoked many large cryptocurrency companies to leave for other jurisdictions. Perhaps one of the tasks of the new CEO will be to find a way to find legal loopholes for the safe introduction of cryptocurrencies into Twitter, but this is just our guess.

Influence on cryptocurrency prices

As the head of Twitter, Musk organically joined the cryptocurrency community. Which settled on the platform at the stage of crypto-business birth. Musk participates in Twitter Spaces broadcasts with opinion leaders from the cryptosphere and comments on high-profile news in his personal account.

It’s not uncommon for Musk’s tweets to cause significant spikes in the price of crypto-assets. Which he mentions to them directly or indirectly. The most popular of these is Dogecoin (DOGE). In his May 2021 tweet, Musk said he was working with the developers of Dogecoin to make the system more efficient. This immediately led to a 22% increase in the Dogecoin exchange rate.

In December of that year, DOGE jumped 33%. When Musk announced that electric car maker Tesla would begin accepting the coin as payment for goods at its online store. Typically, such price spikes are fleeting as traders and automated bots start buying up tokens. Which were mentioned by Musk within seconds of his comments on Twitter. And to quickly sell them at a profit afterwards.

Musk gained a reputation as an influencer in the cryptocurrency community long before he bought Twitter. The change of position, will not have a negative impact on this reputation according to our experts. Rather, we can expect a positive impact, as the position of CTO is “more in line with Musk’s role as an eccentric innovator.


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Whales may have known in advance about the Dogecoin growth

Using onchain metrics, Santiment analysts analyzed recent developments and actions of Whales in the cryptocurrency meme.

Santiment analysts have suggested that Whale is aware of the recent rise of Dogecoin (DOGE). Exploring onchain metrics, they analyzed the movement of the coin’s exchange rate. As well as the actions of its owners.

On April 3, Elon Musk swapped the Twitter logo for the Dogecoin symbol. According to analysts, most of the cryptocurrency community already knows. That if Musk does something on social media, his goal is to have fun, get attention or make money. Perhaps in this case, all three goals were met, Santiment noted.

The day after Twitter’s logo change, the Dogecoin token rate soared more than 33%, temporarily outpacing the growth of other cryptocurrencies. This happened in two waves: the big price jump started and ended almost immediately after the news (from $0.077 to $0.100), followed by the second wave of growth (to $0.102).

Studying transaction data and market indicators, Santiment analysts noted many signals. Which indicated when the big players (who, according to the authors, probably knew about the planned “pumping” of DOGE) were exiting the asset. Or at least recorded large profits.

Santiment explained that when the number of active addresses. As well as the volume of trades and transactions, and transactions of “whales” (addresses with more than $100k) together increase sharply in the period. And when an asset experiences growth independent of other markets, it is possible to assert with confidence. That here almost always forms a local top and fixation of profit at this moment.

Four types of DOGE holders

Analysts have studied the behavior of coin owners, dividing them into four categories based on the number of Dogecoin tokens:

“Fishes” (0-10 DOGE);
“Dolphins” (10 to 10 thousand DOGE);
“Sharks” (10 thousand to 10 million DOGE);
“Whales” (10 million or more DOGE).

According to the study, “fishy” addresses aggressively bought the coin the moment the price peaked. This is typical and is one of the signs of a price peak. “Dolphins” and “sharks” showed no signs of participating in this rally.

Our experts note that “Whales” were buying small quantities of the token in anticipation of replacing the Twitter logo. And as soon as the Dogecoin price jumped, the owners of such wallets fixed their profits.

Santiment suggests that something might have been known to the big DOGE holders. This is just a guess – the identities of address holders are unknown.

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Dogecoin rose in price and traders lost $30 million in one day

The meme cryptocurrency Dogecoin rose in price by 29.8% and reached the 7th place by capitalization. After Elon Musk changed the logo on Twitter to the image of a Shiba Inu dog. Crypto Upvotes expert review

Traders lost $30 million in liquidated positions on Dogecoin (Doge) during the day. According to Coinglass, 58.6% of the forcibly closed positions were short and 41.4% were long.

An unusually large number of liquidations on Doge occurred after its exchange rate rose after a logo change on Twitter. On the evening of April 3, Elon Musk replaced the familiar image with Dogecoin. Doge reacted with a sharp increase of 25%.

Traders on the OKX exchange incurred the largest losses, losing more than $15 million on Dogecoin positions. Open Interest (OI), or the total amount of active futures contracts, on cryptocurrency exchanges rose to more than $683 million. The index increased by 90.7% during the day.

On April 4, Dogecoin trades at $0.1, a daily rate increase of 29.8%. According to Coinmarketcap, Doge reached the 7th place by market capitalization with an indicator of $13.9 billion, overtaking the cryptocurrency Cardano (ADA).

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Twitter has the ability to track the price of cryptocurrencies

Twitter users can enter an asset’s ticker in search bar. And then get data on its current exchange rate and a chart of price movements

Social network Twitter has integrated cryptocurrency and stock prices into search results using a plugin from charting platform TradingView. The new feature was announced on the site’s official account TwitterBusiness.

This new feature allows users to enter cryptocurrency or exchange tickers into the search bar (with a $ sign in front of the characters). This helps generate the current value of assets in US dollars and a chart of price movements. But our experts also noticed that this result also contains a link to Robinhood trading app.

The added feature was also noted by the head of the social network, Elon Musk. He praised the work of the team and added that this is one of many product improvements that will be added to the “financial” Twitter.

At the end of November, Elon Musk had already announced his intention to make changes to this platform. He confirmed plans to integrate cryptopayments into the social network. Also Elon Musk previously talked about possibility to make payment for subscription to premium service Twitter Blue available in Dogecoin.

Additionally, in the next few weeks we will improve user interface. As well as adding new characters. Our experts believe the transformation of Twitter has just started.



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