Dogecoin (DOGE) may or may not be related to the Twitter payment token.
Leaks indicating that Twitter is working on a payment token have piqued the interest of DOGE supporters, but a key Dogecoin influencer believes this speculation is risky.
Mishaboar (@mishaboar), a popular DOGE influencer known for sharing news on the popular doggy meme coin, took to Twitter yesterday to clarify some of the Twitter coin rumors, claiming it means “nothing” for DOGE.
It’s worth noting that Nima Owji (@nima owji), a tech blogger who focuses on new features for applications, shared code, and an SVG, hinted that Twitter was working on a coin a few days ago. Unsurprisingly, the leak sparked speculation in the Dogecoin community that it was code for a DOGE integration. As a result of the leak, DOGE experienced a brief 7% rally.
Mishaboar, on the other hand, believes that the intended Twitter coin has no meaning for DOGE and that the speculation is dangerous. The DOGE Influencer used two arguments to explain his reasoning. First, while he acknowledges that Twitter adoption would benefit the meme coin, he emphasizes that the utility of the doggy-themed coin is not limited to a single platform.
“Dogecoin’s future does not depend on Twitter,” the influencer asserted.
Second, Mishaboar observes that there is insufficient information for Dogecoin supporters to base their decisions on. He emphasized the uncertainty, suggesting that it could point to a centralized token that can be purchased with crypto and fiat.
“We don’t know,” Mishaboar speculated.
As a result, the influencer believes placing risky bets based on hype would be foolish if the risks were not understood. According to Mishaboar, despite previous hints from Musk on a DOGE integration, it is all rumors until Twitter makes an official announcement.
Meanwhile, Owji, the leaker, has expressed similar sentiments in subsequent tweets.
“Btw, I never said Twitter Coin is a token,” he tweeted on Tuesday. “There’s not enough information available about it.”
Furthermore, Owji has stated that Twitter may still decide to discontinue the development of the feature tomorrow.
Despite the sentiments expressed yesterday, Mishaboar agreed with a user who stated that it would likely be a token purchasable with fiat and DOGE.
As the Owji leak gains traction, users have expressed varying opinions on the reason for the Twitter coin. For example, product designer Chris Messina speculated that it was most likely a strategy to avoid Apple’s tax on in-app payments, pointing to a growing trend with other applications. Similarly, Wertheimer, a Bitcoin maximalist, believes the token is not a cryptocurrency but an in-app payment currency.
Meanwhile, as noted by inevetable360 (@inevitable360), a Dogecoin Foundation developer, the code and SVG shared by Owji may not be novel. The developer claims to have seen the same icon while working on his DOGE Twitter tip bot in 2021.
Elon Musk’s DOGE support has benefited the doggy meme coin community, as his influence has helped stabilize the token’s price. As previously stated, the Twitter CEO has hinted at a Dogecoin integration on numerous occasions since taking over the company. As a result, as one user pointed out, it would be disappointing for many if it did not occur.