Rumors have been circulating for a while now that Elon Musk might launch his own Twitter Coin, possibly putting Dogecoin (DOGE) on the sidelines or even scrapping it. Leaks from Twitter’s user interface first appeared in early December, showing the “Coin” feature. A few hours ago, a new revelation emerged.
Security researcher and reverse engineering blogger Jane Manchun Wong has found evidence that Twitter may soon launch the new feature.
Twitter Coin Similar To Reddit Award System
Taking to Twitter yesterday, Wong shared a screenshot of the feature, which allows users to reward other users for sending individual tweets using Twitter Coin.
To earn Twitter coins, users must either purchase them using fiat money, with a reported minimum amount of $50, or receive coins as rewards from other users.
According to Wong’s revelation, Twitter developers are currently working on a Coin purchase screen, which also indicates that the purchase and sale of Twitter Coins will be handled by the payment company Stripe.
Exclusively using Twitter Coins, users will be able to give rewards in the form of tips. Among other things, users will be able to post reactions such as “Mind Blown,” “super happy” “Bravo,” “Help,” “Bullseye,” “Gem,” “Bronze,” “Silver,” and “Gold” to name a few.
Twitter is working on a coin buying screen
On the web, purchases of Twitter Coins will be made through Stripe https://t.co/RFpWswnZfG pic.twitter.com/eAzPWjfoye
— Jane Manchun Wong (@wongmjane) January 10, 2023
The reaction that requires coins to rate users’ tweets is similar to Reddit Gold, a feature where Reddit users pay fiat to buy “gold” to mark topics or posts they find especially useful or good.
Twitter Coin looks very similar to this system from Reddit. According to People, Twitter has been working on this feature for some time and has experienced some “swings and bumps” in the past year. Thus, the idea may be continued by Elon Musk, but not brought by himself.
Will Elon Musk Ditch Dogecoin?
Dogecoin has experienced some setbacks in recent weeks. Most recently, the CEO of Twitter has been surprisingly quiet in spreading love for DOGE. There have been no Dogecoin tweets from Musk in recent weeks.
Additionally, the Dogecoin community has been disappointed many times recently. First, it was announced that Twitter is backing off its plans to launch a cryptocurrency wallet for the time being.
On the other hand, Twitter launched a new feature for Bitcoin (BTC) and Ethereum (ETH) price charts in December, while DOGE was not integrated.
Dogecoin founder Billy Markus commented positively on Wong’s leak, said:
I like this quite a bit (assuming it makes me money). (If it doesn’t make money, I’m not happy.)
Also, the similarity to Reddit Gold shows that Musk has not thrown crypto and Dogecoin plans out the window.
Just last month, Musk said that it would make no sense to launch fiat and crypto payments because of the ease of distribution. Before that, he said he was “working hard in front of the Doge.”
This is another reason why the Dogecoin community is speculating that it is possible to buy Twitter Coins not only with fiat but also with crypto. The speculation is also fueled by the fact that Twitter uses Stripe for payment processing. Stripe is known as a company that strongly promotes crypto payments.
One of the largest DOGE communities on Twitter, Sir Doge of the Coin, also has it word of encouragement:
Don’t be sad if the “Twitter Coin” rumors come true and it’s not #dogecoin but the equivalent of TikTok Coins & Gifts. Clearly works for Tiktok etc., & crypto not yet… not yet… Don’t fix it if it ain’t broke. I believe there is a role for #doge in the future.
At press time, the price of DOGE stood at $0.0772, seeing a slight upward trend over the past week.
Featured images from Reuters, Charts from TradingView.com