Dogecoin outperforms bitcoin as Musk considers crypto payments for Twitter


Dogecoin jumped more than 8% on Tuesday, outperforming other major cryptocurrencies, after a report said Elon Musk is pushing Twitter to build a payment system where crypto can be incorporated.

The Shiba-Inu themed meme token DOGEUSD,
rose to around $0.094 on Tuesday, while bitcoin BTCUSD,
fell 0.4% to around $23,076, according to CoinDesk data. Still, bitcoin is on track to record its strongest monthly price performance since October 2021 as the crypto recovered from its lows after digital asset exchange FTX imploded in November.

Twitter has applied for regulatory licenses and designed the software it needs to enable payments through the site, the Financial Times reported on Monday. Elon Musk, a longtime dogecoin supporter, said he wanted Twitter to use fiat currencies first, but built the payment software so crypto functionality could be added later, the report noted.

Dogecoin supporters are hoping Musk can provide more use cases for the meme token, after Musk’s SpaceX began accepting the crypto for some merchandise in June. Tesla TSLA,
made a similar move in January 2022. Musk also contributed to Dogecoin’s previous jumps after making comments about the token through tweets and other platforms, though such rallies tend to be short-lived.