Rumors are emerging today that Elon Musk has pressed the button to start developing a Twitter cryptocurrency.
As the Twittercoin rumors surfaced, all eyes turned to Dogecoin. Although there is no official statement about this project at the moment, some images show that a new payment system is likely to appear in the scope of Twitter 2.0. The question remains: Will Dogecoin participate in this project or not?
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What is the source of these rumors?
Rumors that Twitter is working on its own crypto asset spread quickly after blogger and Twitter user Jin Manchun Wong posted a photo of a Twitter Coin he came across among his Twitter codes. After this post, Wong turned his posts to private mode and subsequently closed his account, a move that further fueled the rumors.
Some users keep sharing this photo they took. The image shows that Twitter has developed a logo for the cryptocurrency. In another post by Wong, who leaked information about Twittercoin, he said that Twitter, headed by Elon Musk, may soon make suggestions about the digital currency and payment options available. And backing up his claim is a leaked image from the Twitter API.
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What will happen to Dogecoin?
As the Twittercoin rumors surfaced, the question of what will happen to Dogecoin has begun to arise. First impressions are that if Twitter launched its own crypto asset, it wouldn’t need Dogecoin or even Bitcoin. If these rumors prove true, things could get worse for Dogecoin.
On the other hand, another hint that Twitter could support multiple cryptocurrencies as a payment method is in the form of the leaked API. This could mean that Elon Musk will continue to back his favorite cryptocurrencies DOGE and BTC and merge them with his potential Twittercoin project.
Elon Musk has not made a statement about these rumors. The Twitter boss said in a post last week that digital payments will be integrated into a new process dubbed Twitter 2.0, but he did not provide further details. Even if Mask did not mention Dogecoin in this post, the coin has seen a rapid increase.
The latest position in the price of Dogecoin
The emergence of the Twittercoin rumor caused a short-term spike in the price of DOGE. In conjunction with these developments, DOGE price tested the 0.11 range, and witnessed a rise of 8% a few hours ago.
After that, the same rapid sales caused the altcoin to drop to $0.106. However, DOGE continues to treat this development positively, as it remained above $0.105.