Dogecoin Surges 6% After Elon Musk Unveils Crypto Masterplan

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According to a Financial Times (FT) report, Twitter has been trying to find new sources of revenue, and crypto and Dogecoin (DOGE) could be part of a new strategy to achieve this goal. The company has submitted applications for regulatory licenses in the United States to turn the business around.

Last year, Musk acquired Twitter in a multi-billion dollar deal. Since then, many advertisers have left the platform, which has negatively impacted the revenue stream of the business. The new CEO has launched a subscription service and continues to search for an alternative to alleviate the company’s financial problems.

In this sense, the social network is focused on enabling payments on its platform under the leadership of Esther Crawford, says the Financial Times. These efforts are a critical part of a broader strategy to strengthen the company’s revenue streams.

Peer-to-peer payments with Dogecoin?

The report claims that Elon Musk has publicly revealed plans to roll out peer-to-peer transactions with bank accounts and debit cards on the network. These features are part of a master plan to create the whole app, as the report calls it.

Like other social networks where users can message contacts, make purchases and make payments, Twitter would expand beyond its current services. In this context, cryptocurrencies could play a big role.

Elon Musk is a big supporter of Dogecoin, and any Twitter payments integration project naturally includes the meme coin. At least that’s the market’s perception of recent events.

At the time of this writing, Dogecoin (DOGE) saw a 5% rise in its price action, but was unable to break above critical resistance. The meme coin is following the general sentiment in the market, registering losses in today’s trading session.

A great Twitter app with Dogecoin payments could usher in a new era of adoption for the cryptocurrency and potentially allow it to reclaim previously lost territory. DOGE hit a historic high in 2021 thanks to a campaign in its favor led by Elon Musk and other personalities.

DOGE price trends down on the daily chart. Source: DOGEUSDT Tradingview Twitter Master Strategy

Additionally, the FT report claims that Twitter has already filed for registration as a payments processor with the US Treasury. This app suggests that, if approved, the super Twitter app could materialize sooner than expected.

The company is seeking additional licenses, which will be filed shortly, according to the report. This step precedes an international strategy to obtain the necessary licenses to take Twitter to the next level.

According to Lucy Ingham, head of content at FXC Intelligence, quoted by the FT: Twitter is already a platform where payments happen, so it’s sort of a no-brainer.

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