Elon Ditching Dogecoin? Twitter Preparing ‘Coin’ Feature

Rumors have been swirling for quite a while that Elon Musk might launch his own Twitter Coin, possibly putting Dogecoin (DOGE) on the sidelines and even ditching it. Leaks of the Twitter user interface first surfaced in early December, showing the “Coin” feature. Just a few hours ago, recent revelations emerged.

Security researcher and reverse engineering blogger Jane Manchun Wong has uncovered evidence that Twitter may very well be on the verge of rolling out the brand new feature.

Twitter Coin Similar To Reddit Award System

Taking to Twitter yesterday, Wong shared screenshots of the feature, which allows users to reward other users for posting individual tweets using Twitter Coin.

To acquire Twitter Coins, users must make a purchase order using fiat money, with the minimum amount reportedly being $50, or receive the coins as rewards from one other user.

Based on Wong’s revelations, Twitter’s developers are currently working on a Coins purchase screen, which also reveals that the buying and selling of Twitter Coins shall be handled by the payment company Stripe.

Exclusively using Twitter Coins, users will have the option to present awards in the shape of suggestions. Amongst other things, users will have the option to send reactions corresponding to “Mind Blown,” “Super Like,” “Bravo,” “Helpful,” “Bullseye,” “Gem,” “Bronze,” “Silver,” and “Gold” to call just a few.

Such reactions which require coins to rate a user’s tweet are much like Reddit Gold, a feature where Reddit users pay fiat to purchase “gold” to mark topics or posts they find particularly helpful or good.

The Twitter Coin apparently closely resembles this technique from Reddit. Based on Wong, Twitter has been working on this feature for a while and has undergone a series of “swings and obstacles” over the past 12 months. Thus, the concept might just be continued by Elon Musk, but not brought in by himself.

Did Elon Musk Ditch Dogecoin?

Dogecoin has suffered several setbacks in recent weeks. Most recently, the Twitter CEO has been surprisingly quiet in spreading his love for DOGE. There was no Dogecoin tweet from Musk in the previous few weeks.

Besides, the Dogecoin community has been upset multiple times recently. First, it was announced that Twitter is backing down from its plan to launch a cryptocurrency wallet in the interim.

Alternatively, Twitter launched a brand new feature for Bitcoin (BTC) and Ethereum (ETH) price charts in December, while DOGE was not integrated.

Dogecoin founder Billy Markus nevertheless commented positively on Wong’s leak, saying:

I like this quite a bit (assuming it makes me money). (If it doesn’t make me money then I don’t prefer it.)

Furthermore, the similarity to Reddit Gold shows that Musk hasn’t necessarily thrown his crypto and Dogecoin plans out the window just yet.

Only a month ago, Musk said it will be a no brainer to launch fiat and crypto payments because they’re easy to deploy. Previously, he said he was “working hard on the Doge front.”

That is one more reason why the Dogecoin community speculates that it could be possible to purchase Twitter Coins not only with fiat but in addition crypto. The speculation can also be supported by the undeniable fact that Twitter uses Stripe for payment processing. Stripe is thought to be an organization that strongly promotes crypto payments.

Certainly one of the most important DOGE communities on Twitter, Sir Doge of the Coin, also had words of encouragement:

Don’t get disheartened if the “Twitter Coin” rumor involves fruition and it’s not #dogecoin but much like TikTok’s Coins & Gifts. It clearly works for Tiktok etc., & crypto doesn’t… yet… Don’t fix it if it ain’t broken. I’m sure there’s a job for #doge to play in the longer term.

At press time, the DOGE price stood at $0.0772, seeing a slight uptrend within the last week.

Dogecoin seeing a slight uptrend | Source: DOGEUSD on TradingView.com

Featured image from Reuters, Chart from TradingView.com

Leave a Comment

Copyright © 2024. All Rights Reserved. Finapress | Flytonic Theme by Flytonic.