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.”
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.