🛌 Tweet Dreams

Market Meditations | January 19, 2023

There are renewed rumours out that Twitter may be about to launch it’s own coin. But why does Twitter need a coin and how would it work?

  • Last month, app researcher Nima Owji posted a short thread on Twitter’s ambitions to monetise use of the app. He included an icon of a coin with the Twitter bird on it.
  • Owji’s screenshot of the monetisation feature includes sections for subscriptions and tips.
  • Yesterday, software developer Jane Manchun Wong provided more evidence that a release may be pending.
  • She discovered a Coins Purchasing Screen and claimed that transactions would be facilitated by Stripe.
  • The coins will be reportedly be linked to Twitter Awards, a list of which was also leaked by Wong. These include tags such as “Mind Blown”, “Bullseye” and “Hilarious”.
  • The use of some form of token on a social media site is not new. Reddit Coins and Facebook Stars have already been launched for their platforms.
  • Some in the cryptocurrency space are worried about what this may mean for Dogecoin.
  • Elon Musk hasn’t tweeted about Doge since May last year, and some fear he may be ditching the coin for his own.
  • Despite this, DOGE jumped 7.5% yesterday before slightly re-tracing.