The crypto dump before the pump now that Elon has bought Twitter.
And yeah, Musk tweeting that Twitter will accept Dogecoin isn't going to prop up the market in its current falling state, but once the market depresses somewhat and then stabilizes, Musk announcing support for Twitter+crypto would be enough to start pumping up the market again.
Sure, Twitter will “accept” Dogecoin. But the only reason people have Dogecoin is because they expect its value to rise, and rise dramatically.
So why would anyone pay for whatever they’re paying in Dogecoin, when they expect the value of Dogecoin to increase in the future?
So, for example, if I’m trying to make a transaction for $10. And let’s say the dollar loses 10% value due to inflation in a year, while Dogecoin increases by 20% in a year. If I pay for the transaction in USD, a year later in 2023, that $10 USD would be worth $9 in 2022 USD.
If I pay for it in Dogecoin, however, the $10 worth of Dogecoin would a year later have been worth about $10.80 in 2022 USD.
If you think the value of crypto is going up then it makes absolutely no sense to use crypto for transactions.