Will Elon Musk’s “Twitter Coin” Soon Hit The Crypto Market? Here’s What You Should Know
At this point, it is well known that Elon Musk is a strong supporter of cryptocurrencies. Prior to selling a significant amount of it, his firm, Tesla, once held roughly $2 billion in bitcoin. He frequently tweets about dogecoin as well. It was also lately speculated that Musk would utilize Dogecoin for Twitter transactions. He suggested that a Blue premium subscription may be paid for in doge.
This led everyone to believe that Dogecoin would be the choice if Musk ever decided to use crypto for Twitter transactions. After the Tesla magnate closed the $44 billion deal, the price of Dogecoin doubled.
Before Musk tweeted “the bird is freed” to declare his ownership on October 27, it was trading at roughly $0.07. It reached $0.16 after five days. Even if that may not seem like much, it gave the extremely volatile cryptocurrency a market worth $21 billion. Undoubtedly, Musk has contributed significantly to dogecoin’s growth.
However, there is an unexpected turn of events. It is rumored that Twitter is now working on “Twitter Coin.”
Twitter Coin In The Making?
Blogger and security expert Jane Manchun Wong disclosed that the social media company may be developing a “Twitter Coin.” A section for “coins” can be seen in a preview of Twitter’s creator monetization tool.
Musk, however, has not provided any confirmation of this. According to some other unconfirmed reports, Musk may be in the midst of bringing crypto tips and payments into operation.
Is Twitter Coin Going To Knock Off Doge’s Chances?
Some believe that since Musk has previously supported Dogecoin, he could still want to integrate it with Twitter in the future.
The pressing question is whether other cryptos which include Dogecoin will be used on Twitter or will an entirely new coin developed by Musk take center stage.
All in All.
Since Musk has always been a major proponent in the field of Crypto, it won’t come as a shocker if he develops an entirely new coin on the social media platform that he recently acquired.