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HomeCrypto NewsMarket'Twitter Coin' May Mean 'Nothing' For DOGE

‘Twitter Coin’ May Mean ‘Nothing’ For DOGE

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Dogecoin may have nothing to do with the Twitter payment token.

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Leaks suggesting that Twitter may be working on a payment token have excited DOGE supporters, but a key Dogecoin influencer believes this speculation may be dangerous.

Mishaboar (@mishaboar), a popular DOGE influencer known for sharing news on the popular doggy meme coin, took to Twitter yesterday to clarify some things on the Twitter coin speculations, asserting it means “nothing” for DOGE.

It is worth noting that days ago, Nima Owji (@nima_owji), a tech blogger focusing on new features for applications, shared code, and an SVG, indicated that Twitter was working on a coin. Unsurprisingly, the leak excited the Dogecoin community, which started speculating that it was code for a DOGE integration. Consequently, reports of the leak saw DOGE enjoy a brief 7% rally.

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However, Mishaboar believes that the intended Twitter coin means nothing for DOGE and that the speculation is dangerous. Explaining his reasoning, the DOGE Influencer made two arguments. First, while he concedes that Twitter adoption would be great for the meme coin, but highlights that the doggy-themed coin’s utility is not limited to a single platform. 

“Dogecoin’s future does not depend on Twitter,” the influencer asserted.

Secondly, Mishaboar notes that there is too little information for Dogecoin supporters to go on. He highlighted the uncertainty and said it might hint at a centralized token purchasable by crypto and fiat.

“We do not know,” Mishaboar surmised.

Consequently, the influencer believes taking risky bets based on the hype would be foolish without understanding the risks. According to Mishaboar, despite previous hints from Musk on a DOGE integration, till Twitter releases an official announcement, it is all rumors.

Meanwhile, Owji, who released the leak, has also expressed similar sentiments in follow-up tweets. 

“Btw, I never said Twitter Coin is a token,” he tweeted on Tuesday. “There’s not enough information available about it.”

In addition, Owji has also highlighted that Twitter could still decide to stop working on the feature tomorrow.

It is worth noting that despite the sentiments expressed yesterday, Mishaboar agreed with a user who said it is likely to be a token purchasable by fiat and DOGE.

As the leak from Owji gets more traction, users have expressed different views on the reason for the Twitter coin. For example, product designer Chris Messina asserted that it was likely a plan to avoid Apple’s tax on in-app payments, highlighting a growing trend with other applications. Similarly, Wertheimer, a Bitcoin maximalist, suspects that the token is not a crypto but an in-app currency for payments.

Meanwhile, it is worth noting that the code and SVG shared by Owji may not be new, as highlighted by inevetable360 (@inevitable360), a Dogecoin Foundation developer. The developer says he is confident that he saw the same icon while working on his DOGE Twitter tip bot in 2021.

Elon Musk’s DOGE support has been valuable to the doggy meme coin community, with his influence helping to prop up the token’s price. As highlighted above, the Twitter boss has hinted at a Dogecoin integration on multiple occasions since he took over Twitter. Consequently, as one user highlighted, it would be disappointing for many if it did not happen.

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Author

Mark Brennan
Mark Brennanhttps://thecryptobasic.com/
Mark Brennan has been active in the cryptocurrency sector since 2014. His love and passion for the nascent industry drove him to develop interest in writing about important developments and updates about cryptocurrencies and blockchain. Brennan, who holds a Masters degree in Business Administration, learned about the potential of blockchain technology. Aside from crypto journalism, Brennan runs an education center, where he educates people about the asset class.

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