Is Elon Musk Ignoring Dogecoin to Favor Its Own Twitter Coin?

Lucknow(CoinChapter): Elon Musk’s first few weeks at Twitter’s helm have been full of surprises.

Following plans to integrate crypto payments on Twitter, rumors have emerged that the billionaire CEO is working on a new token called Twitter Coin. The rumors gave hope to Dogecoin supporters, who were fresh from partaking in the meme coin’s brief rally on Dec 5.

The rumor possibly began circulating after tech researcher Jane Manchun Wong extracted a code from the Twitter Web App. The now-deleted tweet showed a vector image of “Twitter Coin’s” logo, along with a ‘Coins’ tab and a ‘Tips’ feature on Twitter’s API.

Some added more credibility to the post by pointing out that Wong was also responsible for leaking Twitter Spaces and Twitter’s edit button months before they were launched.

Elsewhere, social media user Nima Owji leaked a possible overview of Twitter’s future monetization model. The image showed how users could view received donations through a monetization tab, which even figured Twitter Coin’s logo.

Notably, both Wong’s and Owji’s Twitter profiles have been ‘erased’ since the tweets.

With word out on the street about the Twitter coin, many said that the new token might be linked to Twitter’s tips and payment system. ‘Tips’ is a feature that lets users add links to select third-party payment services on their Twitter profiles. Turning on tips enables users to receive money from those who support their content.

Twitter currently supports fiat tipping on the platform along with options for Bitcoin (BTC) and Ethereum (ETH) – the only two digital assets on its tipping system.

Yet, many are hopeful that Musk will add support for other cryptos in the foreseeable future. During the last week of November, Musk revealed his intention for digital payments to be integrated into what he calls Twitter 2.0 – “The Everything App.”

However, it is also possible that Twitter will front its native token while ignoring cryptocurrencies like Dogecoin.

Why Dogecoin (DOGE) Price Pumping?

With mentions of Twitter Coin circulating on Twitter, another crypto continued to make headlines – Dogecoin. Dogecoin (DOGE) price suddenly pumped by as much as 7.6% and touched a 1-month high at $0.1118.

Some believed that Elon Musk, known to hold and support Dogecoin, could be working towards including the popular meme token on Twitter’s tip system. Others suggested that Twitter Coin was just a pseudonym for Dogecoin.

Either way, Dogecoin supporters remained hopeful. On data aggregator LunarCrush, Dogecoin’s social activity engagement touched its highest level in 4 days. The spike occurred soon after Elon Musk restored several Dogecoin accounts, which were banned earlier due to Twitter’s bot policy.

However, Dogecoin’s price eventually paired its gains amidst a risk-off broader market on December 6. A quick technical analysis suggested that DOGE’s descent could continue after a rising wedge breakdown.

In technical analysis, a rising wedge pattern forms after the price certain forms higher highs and higher lows during its ascent. A move below the said pattern indicates a rise in bearishness, curtailing an asset’s demand.