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Dogecoin had recorded sizable gains in the runup to Elon Musk’s acquisition of Twitter based on a “hopium” of sorts that the CEO of Tesla would incorporate the meme coin as a viable payment method on the global town square. The chatter around the Twitter Coins project further bolstered this speculative frenzy. Alas, it seems that the Dogefather has truly abandoned his one-time favorite cryptocurrency for good.
Twitter is working on Coins purchasing screen
— Jane Manchun Wong (@wongmjane) January 10, 2023
Jane Manchun Wong recently tweeted that Twitter is currently working on a web interface for purchasing Twitter Coins. Crucially, as per the attached image, the Twitter Coins project will be powered by Stripe.
“Coins allow you to support creators who Tweet great content. Unused coins are kept in your balance.” pic.twitter.com/ksNu75mI2r
— Nima Owji (@nima_owji) January 10, 2023
As per a screenshot shared by Nima Owji, the Twitter Coins project aims to reward creators who Tweet great content. As per the available information, this project’s raison d'être seems identical to Reddit Coin’s. According to a tweet by Wong, users will be able to reward their favorite content creators in a variety of ways, including by sending endorsements in the form of “Mind Blown,” “Bravo,” and “Super Like,” with each such reward entailing a yet-to-be-determined number of Twitter Coins.
As a refresher, Elon Musk’s relentless promotion of Dogecoin was a pivotal factor behind the meme coin’s extraordinary rally in early 2021. After all, the CEO of Tesla employed a variety of tactics to promote Dogecoin, ranging from changing his Twitter profile picture to one that showcased a DOGE-related meme to tweeting DOGE-supporting policies such as Tesla’s acceptance of the meme coin as a valid payment method for merchandise on its official website. Elon Musk even exhorted McDonald’s to start accepting Dogecoin, offering the inducement to consume a Happy Meal on live TV. Dogecoin had formed a new all-time high in the runup to Musk’s Saturday Night Live appearance, only to tank thereafter when Musk termed the cryptocurrency a “hustle.”
While announcing its earnings for Q2 2022, Tesla revealed that it had disposed of 75 percent of its Bitcoin holdings. However, during the ensuing earnings call, Elon Musk clarified that the company still held on to all of its Dogecoin stash.
Bear in mind that Elon Musk faces a multi-billion-dollar lawsuit by Dogecoin investors for allegedly running a “pyramid scheme.” Interestingly, Musk’s public interest in Dogecoin seems to have eroded ever since the filing of this lawsuit.
In the absence of any other development, it seems that the upcoming DOGE-1 SpaceX mission will serve as the last act of endorsement from Elon Musk and the host of companies that he controls. As a refresher, SpaceX had accepted Dogecoin as the payment for the DOGE-1 mission back in May 2021. The space mission will deploy a 40-kg satellite on behalf of Geometric Energy Corporation, which will then “obtain lunar-spatial intelligence from sensors and cameras on-board with integrated communications and computational systems.” The mission is currently scheduled for the 02nd of March 2023.