© Reuters Twitter’s “Coins” Feature Poses Threat to Elon and DOGE Relationship
- The end of Elon Musk and Dogecoin`s saga might be imminent.
- The end of Musk’s and Dogecoin’s relationship comes as a result of Twitter`s new “coins” feature.
- The price of went up as a result of Musk’s endorsements.
Many crypto industry proponents feel that this might be the beginning of the close of the fruitful relationship that has existed between Elon “The Dogefather” Musk and Dogecoin (DOGE). This belief stems from the recent disclosure that Elon Musk may be on the verge of rolling out a new Twitter “Coins” feature.
This also comes as a result of Musk’s recent declaration that he intends to continue expanding Twitter in order to expand the reach of the platform and the amount of interaction it receives.
For instance, Jane Manchun Wong, a Hong Kong-based security researcher recently tweeted;
Twitter is working on the Coins purchasing screen. On the web, Twitter Coins purchases will be done through Stripe.
Users will reportedly be able to buy Twitter Coins with fiat money via the payment processor Stripe. Based on the information that has leaked so far, it seems that users will be able to earn rewards in the form of Twitter Coins for retweeting certain content.
Particularly noteworthy is the fact that Elon Musk has a lengthy relationship with dogecoin. The Tesla (NASDAQ:) CEO initially started addressing DOGE in a tweet he sent out in December 2020, which read:
“Dogecoin is the people’s crypto”.
Since then, Musk has been heavily engaged in the dissemination of information on the meme currency throughout Twitter. The price of dogecoin went up as a result of Musk’s endorsements, with a 28% gain occurring within less than 24 hours after it was announced that he acquired Twitter.
The value of DOGE steadily increased as he made more remarks, reaching a stage where whatever Elon Musk wrote caused the meme currency to surge, as evidenced by recent unrelated Twitter posts.
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