Is the Twitter coin coming? Leakage occurs; Sayonara DOGE, BTC?

Rumors have been circulating on Twitter for the past few hours that Elon Musk may 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 posted.

Some users still managed to take a screenshot of the tweet. Apparently, Elon Musk has already developed a Twitter coin logo.

Twitter Coin logo. Source: Twitter

Wong also revealed in another tweet that the Elon Musk-led company may implement crypto tips and payments in the foreseeable future. A leaked Twitter API shows a “Coins” section in the hidden “Tips” settings.

Twitter API
Bitcoin and Dogecoin Twitter Tips Section? Source: Twitter

Nima Owji also leaked the outline below for a future Twitter monetization model. On the screenshot, we can see how the Twitter coin is used for tips.

Twitter monetization
Twitter monetization. Source: Twitter

What does a Twitter coin mean for Dogecoin and Bitcoin?

The crypto community is currently speculating about 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 several. DOGE and Bitcoin can thus be complementary to the Twitter coin. Thus, the crypto industry as a whole could benefit from a crypto wallet integration from Twitter.

As recently as November 27, Elon Musk had shared 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 price of DOGE skyrocketed. The community apparently speculated that DOGE was part of Musk’s crypto plans for Twitter.

Also, rumors about Twitter’s crypto wallet plans surfaced as early as 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 become a payment app by adopting Bitcoin.

Mallers said that by adopting the Lightning Network, Twitter can be a payments business and has “the ability to build payment experiences that traditional Twitter cannot.”

“Because they can’t get into the debt business and all the regulatory and fixed costs. Chase has that business on lock and now it’s not a requirement anymore,” Maller continued.

At press time, the DOGE price initially reacted with a sharp increase of more than 7.5%. However, possibly due to the ambiguity of the rumor, a pullback occurred, with DOGE now trading at $0.1064.

Dogecoin DOGE USD 2022-12-05
DOGE price, 4-hour chart. Source: TradigView

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