Elon Musk’s Twitter is working on adding payment functionality to its social media platform. The Mask Network (MASK), which allows users of popular social media apps such as Twitter to send cryptocurrency to dApps without leaving the platform, has returned an uptick of 87.6% in 30 days since Jan. 7. I was. , according to Twitter.
Given the similarities between MASK’s price increase and memecoin DOGE, Dogecoin could see a significant breakout in the near term.
What is the relationship between Mask Network and Dogecoin?
Mask Network (MASK) is gaining popularity in the crypto community, and token holders believe the asset could be helpful in crypto payments on Twitter.
Elon Musk, the CEO of Twitter Inc. and a supporter of Dogecoin, recently applied for a payments license for the social media behemoth. With self-proclaimed Dogefather Musk’s plans for Twitter and his goal of transforming the social media platform into a “Super App” or “everything app,” payments, including cryptocurrency, are unavoidable.
In response to Musk’s $44 billion takeover of Twitter, MASK and DOGE banded together. Because Mask Network allows users to send encrypted messages and even cryptocurrencies via Twitter, the story goes, the asset is better suited to payments on the social messaging platform.
On-chain metrics support Dogecoin’s bullish narrative.
The Global In/Out of the Money (GIOM) indicator, developed by crypto intelligence platform IntoTheBlock, determines whether investors are profiting (in the money), breaking even (at the money), or losing money (out of the money) on their positions at the current asset price.