Key Takeaways:
- Social Media giant Twitter will release its own crypto wallet
- Users see this as the impact of Elon Musk's acquisition plans
- Dogecoin (DOGE) has rallied upon the news
YEREVAN (CoinChapter.com) — The price of meme cryptocurrency Dogecoin (DOGE) is soaring again. The rally comes amid news that social media giant Twitter (TWTR) will launch its own crypto wallet. According to software engineer and app security researcher Jane Manchun Wong, the company is currently working on the wallet’s prototype which will be indigenous to the platform.
Over the years, Wong has gained popularity for her reports of upcoming tech updates and launches. She also features on the Forbes under 30 list.
According to Wong’s, Twitter post, the future wallet will enable users to deposit and withdraw their funds directly without going to third-party options.
Although Twitter has not officially confirmed the news yet, the community has, over time, started considering her updates as authentic.
The development is not surprising. The company has previously allowed users to link their Bitcoin (BTC) and Ethereum (ETH) wallets to their profiles. However, this feature is only available on Android and IOS mobile apps.
As CoinChapeter earlier reported, Twitter also integrated nonfungible tokens (NFT) by allowing users to use an NFT as their profile picture.
However, the community has mixed feelings about this. While some see it as a positive development, others have criticized the move.
Several Twitter users have already clarified that they will not use the Twitter wallet. Privacy concerns seem to top the list of worries.
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Dogecoin rallies. Is Elon Musk behind the Twitter crypto wallet?
The news of the upcoming cryptocurrency wallet on Twitter has got Dogecoin (DOGE) fans excited. The dog-themed meme token rallied over 5% upon the news.
The price of DOGE spiked from a daily low of $0.0587 on October 24 to $0.0617 today.
Meanwhile, several people have tied the move to Dogecoin (DOGE) promoter Elon Musk. According to social media users, the latest news that Twitter will launch its own Crypto Wallet is because of him.
As CoinChater reported earlier this month, the world’s richest man had revived plans to buy Twitter for $44 billion.
“Considering Binance gave Musk $500m to help buy Twitter, it’s really no surprise, but very much anticipated,”
one user wrote.
Others have pointed out that Elon Musk has also hinted that he will start a new platform called “X, the everything app”. The incorporation of a crypto wallet sits well with this plan.
While it is too early to speculate, DOGE lovers also see this as Musk’s way of giving further utility to the meme token. The Tesla founder is the most vocal supporter of Dogecoin. If he ends up buying Twitter, one can be sure that the cryptocurrency wallet will support the canine-themed crypto.
It, therefore, comes as no surprise, that the fans hope the price of Dogecoin will rally further as Twitter is set to launch its own crypto wallet.
