Dogecoin Social Numbers Jump As Elon Musk’s Twitter Unbans Suspended Accounts

Posted on December 7, 2022
News
By Mark Otto
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Dogecoin (DOGE), despite losing a little over 2% of its value over the last seven days, continues to hold its position among the top 10 cryptocurrencies in terms of market capitalization. At the time of this writing, the crypto, trading at $0.1002 according to tracking from Coingecko, is sitting on a bi-weekly gain of 27%, […][...]

Dogecoin (DOGE), despite losing a little over 2% of its value over the last seven days, continues to hold its position among the top 10 cryptocurrencies in terms of market capitalization.

At the time of this writing, the crypto, trading at $0.1002 according to tracking from Coingecko, is sitting on a bi-weekly gain of 27%, pushing its overall valuation to $13.77 billion to rank 8th in that particular department.

Between December 4 and 5, the meme altcoin registered a 2.7% uptick in its price while its trading volume, which at one point stood at $913.01 million during the fifth day of the month, went up by an impressive 10.96%.

Interestingly, Dogecoin is enjoying a spike in terms of social dominance as Elon Musk, the new CEO Twitter and self-proclaimed “The Dogefather,” once again made a move that concerns the dog-themed asset.

Social Media Juggernaut Lifts Ban On Dogecoin-Related Accounts

It was not that long ago when the social media giant intensified its campaign to flush bots out of its platform to improve user experience.

Among those affected by this were accounts which, according DOGE’s creator Billy Markus, did nothing except to “tweet” or share memes related to the asset.

Markus, on December 5, shared a post that tagged Elon Musk and a number of Twitter accounts that pertained to the cryptocurrency and seemingly seeking answers why they were suspended (banned).

The new owner of the platform responded briefly, saying “Looking into it,” with the exchange between the two personalities gaining more than 27,000 heart-reacts and over 1,600 replies. Later on, Musk said Twitter might have been a bit too intense with its move to suspend the said accounts.

Following this development, Dogecoin responded positively as its social dominance numbers registered an uptick, from almost 3% on December 4 to 4.463% at the time of this writing.

This meant that following the move of the The Dogefather to undo the banning of several DOGE-favoring accounts on his social media platform, consistent and active discussions followed.

Will Dogecoin Be Used As Payment For Twitter?

Back in April, Musk – who is also the CEO of Tesla – pitched the idea of having DOGE be accepted as a means of payment for a Twitter Blue subscription.

When the purchase of the social media platform was completed a couple of months ago, many investors and holders of the cryptocurrency waited in full anticipation for Musk to finally turn his idea into a reality.

However, the billionaire hasn’t made any official word about it and although the idea resurfaced again today because of the “mass unbanning of accounts” done by Twitter, the crypto community remains speculative on whether or not the meme crypto will be integrated by the social media giant as a viable payment option for its services.

Meanwhile, Dogecoin seems to have ignored this significant update as it failed to initiate any kind of rally to increase its current trading price.