Dogecoin explodes as Elon Musk unbans Twitter accounts – Will it drive DOGE price to $1?

  • Dogecoin’s social dominance has been surging since Elon Musk began reinstating suspended DOGE-related Twitter accounts
  • Speculation is still strong that Musk would integrate DOGE on Twitter and will skyrocket memecoin’s price

Dogecoin (DOGE) has continued to react positively to the influence of billionaire Elon Musk. The social mentions of the memecoin have been exploding since Musk began to unban several DOGE-related accounts that were suspended on Twitter.

Musk made the move after the co-creator of Dogecoin, Billy Markus, pointed out on Dec. 5 that it was “pretty weird” that a whole bunch of people in the DOGE community who only post memes and spread positivity were suspended.

Musk responded, saying he would look into the situation. He also noted at the time that the team at Twitter was a bit too intense with spam/bot suspensions and would be moving to “chill mode” now.

Data from crypto market intelligence platform Santiment shows that the social dominance of DOGE has been surging since the banned accounts began to resurface. From a score of 2.948% on Dec. 4, DOGE social dominance has risen to 4.463% indicating that there were active and consistent discussions around the memecoin.

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Musk still yet to disclose complete plans for DOGE integration on Twitter

Notably, a significant part of the DOGE discussion on Twitter is the possible integration of the memecoin as a method of payment on the micro-blogging platform promised by Musk.

Back in April, Musk had stated that part of the changes he would make after purchasing Twitter would be to accept DOGE for payments. In particular, Musk proposed that people who subscribe to Twitter Blue should be able to pay in DOGE as reported by CNBC.

Musk has not revealed any further plans to this effect since taking over Twitter. However, speculation is still going around that DOGE would play a major role in the payments part of his project ‘Twitter 2.0’ plans.

The price of DOGE is yet to respond to Musk’s latest move of unbanning suspended DOGE-related Twitter accounts. At press time, the token was trading at around $0.097, down 3.99% in the last 24 hours. This marks an 87.1% from its all-time high (ATH) price of $0.75 reached in May 2021 on the back of Musk’s appearance on the Sunday Night Live (SNL) TV show.

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Regardless, DOGE faithfuls still see the memecoin climbing to cross a price tag of $1 in the future as it gains more mainstream adoption.

Much of this adoption is also expected to come from enterprises owned by Musk who has already been accepting DOGE at his electric car company Tesla. Musk is also partnering with the Dogecoin Foundation to use Starlink to bring Dogecoin transactions to remote areas.

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Abigal .V. is a cryptocurrency writer with over 4-years of writing experience. She focuses on news writing and is skilled in sourcing hot topics. She’s a fan of cryptocurrencies and NFTs.

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