Will Elon Musk’s “Twitter Coin” Enter The Crypto Market Anytime Soon?
It is now widely acknowledged that Elon Musk is a fervent proponent of cryptocurrencies. His company, Tesla, once possessed about $2 billion in bitcoin before selling a major amount of it. Furthermore, he tweets frequently on dogecoin. Musk allegedly plans to use Dogecoin for Twitter transactions, according to recent rumors. He proposed using doge as payment for a Blue premium subscription.
This made everyone think that, should Musk ever decide to employ cryptocurrency for Twitter transactions, Dogecoin would be the preferred option. The cost of Dogecoin multiplied after the Tesla billionaire finalized the $44 billion deal.
On October 28, Musk announced his ownership by tweeting “the bird is freed,” at which point it was selling at about $0.07. After five days, it was $0.16. Even while it might not seem like much, it created a $21 billion market for the incredibly volatile cryptocurrency. Musk has undoubtedly made a substantial contribution to the development of dogecoin.
However, something unexpected happened. There are rumors that Twitter is currently developing a “Twitter Coin.”
Is There A Future Twitter Coin?
According to writer and security specialist Jane Manchun Wong, the social media corporation may be creating a “Twitter Coin.” In a glimpse of Twitter’s creator money-making tool, a slot for “coins” may be seen.
But Musk hasn’t offered any evidence to support this. Based on some other unsubstantiated sources, Musk may already be implementing bitcoin tips and payments.
Does Twitter Coin Threaten Doge’s Chances?
Some think Musk might still seek to connect Dogecoin with Twitter in the later because he has earlier endorsed the cryptocurrency.
The crucial question is if Dogecoin and other cryptocurrencies will be utilized on Twitter or if Musk’s brand-new coin will feature prominently.
It won’t be shocking if Musk creates a brand new cryptocurrency on the social media network that he recently obtained because he has long been a huge proponent of cryptocurrency.
Ken Emmanuel is a Blockchain Content writer, a Web3 Enthusiast and a Social Media Management Strategist, he likes writing educative contents to help people gain more knowledge and get inspired. The growth of any organization he work with is always his priority. He is a Geographer by profession and loves reading.