On Monday, Elon Musk surprised everyone with the news that Twitter had started applying for regulatory licenses to enter the payments business in the U.S., which sent the Dogecoin price soaring. As Bitcoinist previously reported, there have been rumors of a Twitter Coin and crypto payments for quite some time.
However, Musk also clarified to the Financial Times on Monday that the payment features on Twitter are “first and foremost” for fiat currencies. At the same time, he acknowledged that developers are designing the payments product to allow crypto payments in the future.
As for one aspect of the payment product, Musk revealed new details today to Dogecoin founder Billy Markus, better known on Twitter as Shibetoshi Nakamoto. Markus wrote, “co-tweets were stupid af. good riddance.”
The multi-billionaire responded with “You’re welcome” and revealed that Twitter is working on a model that will allow content creators to make money on the social media platform:
Axed them yesterday to focus on enabling writers to add essays as attachments to tweets. Combined with improvements to creator subscriptions (fka superfollow), you will be able to publish directly on Twitter & get paid for it.
Furthermore, Musk disclosed that the beta version will be launched as early as next week. “We’re also reviewing ad rev share for ads in a creator’s tweet replies – create an interesting thread and get paid for it!”, the Twitter CEO continued to unveil.
The Role Of Dogecoin Remains Unclear
Following the news on Monday, Dogecoin surged 8% to reach a price of $0.0978, its highest level since December 9. However, the DOGE price is still far from the hype high from the week when Musk acquired Twitter. On November 1, DOGE reached a 10-month high of $0.1592.
Since then, Musk’s Dogecoin mentions have become increasingly rare. And even though the recent surge was due to the recent report about Twitter’s future payment features, the fiat-first approach news also contained a bit of a damper.
In addition, Musk’s development team is working on the Twitter Coin, which is a reward system and will also likely be fiat-based initially. So there’s no guarantee that the social network will adopt Dogecoin. If it does, however, the rally at the end of October might just have been a test.
At press time, Dogecoin was at $0.0915, which means that the price has already lost most of its yesterday’s gains. Although DOGE recorded the fourth green weekly candle in a row last week, the price is still in bearish territory.
The resistance at $0.11 is the first important step to finally breaking out of this trend.
Featured image from StormGain, Chart from TradingView.com