Speculation around the social media platform Twitter has been running at full speed since Elon Musk, the richest man on earth, took over the company. The price of the popular meme coin dogecoin (DOGE) seems to be influenced every time by all the rumors surrounding a certain integration on the platform.
For example, you could recently read in the altcoin news that DOGE had risen sharply after Musk shared the slides of his first major company presentation. In it he sketched a picture of ‘Twitter 2.0 – The Everything App’. In particular, the word “payments” sparked some optimism among all dogecoin consumers.holders for an integration of the meme-coin in Twitter’s payment options.
Twitter Coin
This time, however, the rumors seem to apply to the entire crypto-community, as technology blogger and app researcher Jane Manchun Wong shared an image on her Twitter and Linkedin account of the supposed logo of a so-called ‘Twitter Coin’. However, both of Wong’s accounts are no longer active at the moment. It is also by no means certain that the Twitter Coin is actually a cryptocurrency. It could also just be a Twitter-based currency pegged to the US dollar.
Twitter is working on “Coins” – An upcoming monetization feature @elonmusk
Credits to @nima_owji 🕵♂ pic.twitter.com/xBLv8Axyg8
— DogeDesigner (@cb_doge) December 5, 2022
There are also screenshots of Twitter Coin being used in tipping on the platform. Also, there would be a section called ‘coins’ on the tips page.
#Twitter is working on Coins! pic.twitter.com/67upjUn37D
— Nima Owji (@nima_owji) December 3, 2022
Effect on DOGE price
It remains pure speculation for now and the information that has been released is in a sense very ambiguous. This is clearly reflected in DOGE’s price: initially DOGE rose by 7.5% to more than $0.11, but this did not last long as the price then corrected back towards a current value of just above $0.10.
Investors are not sure what to expect from the Twitter Coin and in principle nothing has come out that has to do with the coin coveted by Elon Musk. For the time being, these are still exciting times for all innovations surrounding Twitter and the possible implementation of cryptocurrencies.