Rumors are circulating on Twitter in the last few hours that Elon Musk could soon launch his own cryptocurrency, a Twitter Coin. What this means for Dogecoin (DOGE) or even Bitcoin (BTC) seems unclear at the moment.
Blogger and Twitter user Jane Manchun Wong posted a screenshot of the supposed logo of the Twitter Coin. However, Wong’s tweet was set to “private” a few minutes after it was published.
Nevertheless, some users managed to take a screenshot of the tweet. Apparently, Elon Musk has already developed a Twitter coin logo.
Wong also revealed in another tweet that the Elon Musk-led company might implement crypto tips and payments in the foreseeable future. A leak of the Twitter API shows a “Coins” section in the hidden “Tips” settings.
What Does A Twitter Coin Mean for Dogecoin And Bitcoin?
The crypto community is currently speculating what the alleged revelation could mean for Musk’s favorite coin, Dogecoin (DOGE) but also Bitcoin. At first glance, a proprietary coin from Twitter is bad for DOGE and also BTC, as it would eliminate the need to integrate both cryptocurrencies.
However, the leak of the API could indicate that Musk is not just focusing on one cryptocurrency, but multiple. DOGE and Bitcoin could thus be complementary to the Twitter Coin.
Elon Musk had shared as recently as Nov. 27 his intention for digital payments to be integrated into what he calls Twitter 2.0 – “The Everything App.”
Although Musk did not mention Dogecoin in his tweet, the DOGE price skyrocketed. The community apparently speculated that DOGE was part of Musk’s crypto plans for Twitter.
Moreover, rumors about Twitter’s crypto wallet plans surfaced already back in October after Wong speculated in an Oct. 27 tweet that the company had already begun work on a wallet prototype.
Does Musk Have Lightning Network On His Radar?
Jack Mallers, CEO of Strike, commented a few days ago that Twitter could be become a payment app by adopting Bitcoin.
Mallers said that by adopting the Lightning Network, Twitter can be a payments business and has the “opportunity to build payment experiences which traditional Twitter can’t.”
“Because they cannot get into the business of debt and all the regulatory and fixed costs. Chase has that business on lock and now that is not a requirement anymore,” Maller continued.
Twitter can become a payment app by adopting #bitcoin— Documenting Bitcoin 📄 (@DocumentingBTC) October 4, 2022
Users could buy coffee and checkout at Starbucks, or send remittances across the world using just their Twitter app. @jackmallers explains that @elonmusk has the opportunity to distrupt big bankspic.twitter.com/xF9FB8Flsx
At press time, the DOGE price initially reacted with a sharp surge of more than 7.5%. However, possibly due to the ambiguity of the rumor, there was a retrace, with DOGE now trading at $0.1064.