Dogecoin outperforms bitcoin as Musk eyes crypto payments for Twitter

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Dogecoin jumped more than 8% on Tuesday, outpacing other major cryptocurrencies, after a report said Elon Musk was pushing Twitter to create a payment system where crypto could be incorporated.

Shiba-Inu themed meme token DOGEUSD, -0.27% rose to around $0.094 on Tuesday, while bitcoin BTCUSD, +0.64% fell 0.4% to around $23,076, according to data from CoinDesk. Still, bitcoin is on track to record its strongest monthly price performance since October 2021, as the crypto recovered from its low following the implosion of digital asset exchange FTX in November.

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

Dogecoin proponents hope Musk could provide more use cases for the meme token, after Musks SpaceX began accepting crypto for certain commodities in June. Tesla TSLA, +3.94% made a similar move in January 2022. Musk also contributed to previous jumps in Dogecoins after commenting on the token via tweets and other platforms, although such a rally has tend to be short-lived.

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