logo

Will Twitter Coin kill Dogecoin?

Will Twitter Coin kill Dogecoin

TL;DR Breakdown

  • Twitter is working on its coin (Twitter Coin) for upcoming features like payment and monetization, per leaked info.
  • A potential coin from Twitter dethrones Dogecoin from being at the forefront of Twitter’s crypto payment plan.
  • Both coins might co-exist. However, Twitter Coin would see more utility, which reduces Dogecoin’s inclusion as a mere crypto payment support.

From the onset, the present Twitter leadership, steered by the Tesla and SpaceX founder, Elon Musk, has severally communicated plans to enable digital payments on the social media platform. Among other features, Musk plans to enable content monetization for creatives on Twitter, which he claimed would beat the current monetization strategy on YouTube. 

The Dogecoin community has since championed the initiative, with many spreading wide speculations that Twitter will incorporate the largest meme token into its new monetization and payment plans. The basis for the assumption, which seemed plausible hitherto, was the previous support of Dogecoin by Elon Musk.

However, the chances of Twitter having Dogecoin as a payment option are apparently dropping following leaked information that the social media company is planning to issue its native coin – Twitter Coin. 

Leaked info uncovers “Twitter Coin” plan

Most recently, the researcher famous for analyzing Twitter codes, Jane Wong, unveiled an in-the-making new monetization UI feature from code extracted from a recent version of the Twitter Web App. In a now-deleted tweet, Wong also leaked that the social media company was working on its token dubbed “Twitter Coin.” 

https://twitter.com/globaltradewar/status/1599742177361289217

Another researcher on Twitter shared similar information earlier, leaking more features such as subscriptions and tips, which would be based on the Twitter Coin. 

The leaks shared are convincing but remain a rumor. Twitter has not confirmed the development, and it remains unclear whether the so-called Twitter Coin would be a cryptocurrency based on blockchain technology. However, a potential cryptocurrency token from the company could be a contender for Dogecoin when it comes to payments on the platform. 

Will Twitter Coin kill Dogecoin?

Recent increases in the price of Dogecoin were driven by speculations and loose plans of Elon Musk to integrate the meme cryptocurrency on the platform. However, the recent leaks have dashed some of the investors’ hope of Dogecoin being at the forefront of Twitter’s crypto payments or even becoming a reality. 

Also, the euphoria for Dogecoin may dwindle should the social media company issue Twitter Coin as a cryptocurrency, which is very likely following a recent comment from Musk that “It is kind of a no-brainer for Twitter to have payments, both fiat and crypto.” But then, the media attention and potential inflow would go to Twitter Coin than Dogecoin if issued as tradable assets.

However, it doesn’t negate the possibility that Dogecoin could be integrated as a cryptocurrency payment option on Twitter. Both Dogecoin and Twitter Coin can co-exist, but the latter would have the upper hand and more utility on the platform, which defects the initial euphoria of the Dogecoin community subsequent to the takeover. It will also reduce the weight of the news to mere crypto payment support announcements, which cannot sustain price in the long term. 

During the time of writing, Dogecoin was trading at $0.1002 at a $13.3 billion market capitalization. Following the FTX-induced market crash early in November, Dogecoin’s price dropped significantly by $0.07273. The price has since regained notably but is still down over 20% on the 30-day price chart. 

DOGE 1M graph coinmarketcap
DOGE 1M graph coinmarketcap
Ibiam Wayas

Ibiam Wayas

Ibiam is an optimistic crypto journalist. Five years from now, he sees himself establishing a unique crypto media outlet that will breach the gap between the crypto world and the general public. He loves to associate with like-minded individuals and collaborate with them on similar projects. He spends much of his time honing his writing and critical thinking skills.

Related News

Hot Stories

Bitcoin price analysis: BTC coin suffers downtrend at $23,010 as bearish market sentiment continues
Litecoin price analysis: LTC/USD slides downward, reaching the $88.02 level
Aave price analysis: Bears drag AAVE down to $85.33
How two 19-year-old scammers are launching NFT projects and rugging the collectors
What are CBDCs And Their Role in the Future of Finance?

Follow Us

Industry News

Sam Bank-Fried seeks access to FTX
CZ predicts a dire future for traditional institutions not embracing crypto
US prosecutors submit a new petition to ban SBF
The mystery  behind Binance's ownership of WazirX
Tykhe Block Ventures raises $30m to invest in blockchain and web3 startups in MENA

Add Your Heading Text Here