- The Twitter team could be working on its own native coin
- No official report has been released but the rumor is very likely to be true
Elon Musk may be working on a new cryptocurrency to rival Dogecoin (DOGE) and Bitcoin (BTC) at least on Twitter. According to tech news on social media, there are rumors that the Twitter team is developing a ‘Twitter Coin’ for payments and tips on the social media platform.
Nima Owji, a Twitter account that posts unreleased details about upcoming tech features from tech companies, posted a tweet with the caption, “Twitter is working on Coins!” The tweet also included two images showing an option to use coins for Twitter’s “Tips” feature. In a follow-up tweet, the account posted an image of the proposed Twitter Coin.
— Nima Owji (@nima_owji) December 3, 2022
Another account that leaks tech features also posted information that corroborates Owji’s post. Blogger and researcher Jane Manchun Wong posted similar tweets but deleted her account shortly after, only to reactivate it later. Speaking to The Block, Wong confirmed that “there is little information out there as to what this is exactly.”
Neither Twitter nor ‘Chief Twit’ Elon Musk has confirmed the rumors about a Twitter Coin. Regardless, Musk is a well-known crypto enthusiast who has repeatedly offered public support for crypto, especially Dogecoin. In a recent Twitter Spaces discussion, Musk confirmed his interest in enabling crypto payment support on Twitter:
“It is kind of a no-brainer for Twitter to have payments, both fiat and crypto.”
Will Twitter Coin Compete with DOGE?
Due to Musk’s soft spot for Dogecoin, many have long thought that any crypto support launched on Twitter will at least support DOGE payments, whether exclusively or along with other cryptocurrencies. However, the possibility of a Twitter Coin may be direct competition for DOGE even if Twitter announces support for both cryptocurrencies. This is because shortly after the tweets suggesting a Twitter Coin, the price of DOGE plunged 14%, dropping below $0.1. As of press time, CoinMarketCap data shows DOGE trading at $0.09827.
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Speculators have suggested that Twitter Coin might be a codename for DOGE instead of a new cryptocurrency built from scratch. If this happens, consequent Dogecoin activity could pump its price to a new all-time high, much higher than the $0.682 recorded in May 2021.
DOGE enthusiasts are likely hoping that Twitter will announce official support for the meme coin. A few days after Musk officially took over Twitter, DOGE pumped to $0.16 from $0.07. Although an Elon Musk tweet did not directly influence this spike, as has happened many times, Musk’s preference for DOGE likely gave enthusiasts something to hope for. In 2021 Musk described Dogecoin as “the people’s crypto.”
Enthusiasts may also be hopeful for DOGE support on Twitter because Tesla also accepts the meme coin. In January 2022, Tesla – also headed by Elon Musk – began accepting Dogecoin payments as the only alternative to fiat. Whether or not the Twitter Coin is a standalone asset, DOGE will likely pump considerably if Twitter officially allows tips and payments via the dog-themed crypto.