On Monday, Elon Musk surprised everyone by announcing that Twitter had begun applying for a regulatory license to enter the payments business in the US, sending Dogecoin’s price soaring. As Bitcoinist previously reported, there have been rumors of a Twitter coin and crypto payments for some time.
But also musk clarified The payment features are “first and foremost” for fiat currencies, the Financial Times told Twitter on Monday. At the same time, he admitted that developers are designing a payment product to allow crypto payments in the future.
For one aspect of the payment product, Musk today revealed new details to Dogecoin founder Billy Marcus, known as Shibetoshi Nakamoto on Twitter. Marcus wrote“The co-tweets were stupid. 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:
They were removed yesterday to focus on enabling authors to add essays as attachments to tweets. Coupled with improvements to creator subscriptions (fka superfollow), you’ll be able to publish directly to Twitter and get paid for it.
Furthermore, Musk revealed that the beta version will start as early as next week. “We’re also reviewing ad return sharing for ads in creator’s tweet replies – create an interesting thread and get paid for it!”, the Twitter CEO continued to unveil.
Dogecoin’s role remains unclear
After Monday’s news, Dogecoin rose 8% to $0.0978, its highest level since December 9. However, the DOGE price is still far from the hype highs when Musk acquired Twitter. On November 1, DOGE hit a 10-month high of $0.1592.
Since then, Musk’s Dogecoin mentions have become increasingly rare. And although the recent increase was due to a 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 Twitter Coin, which is a reward system and will likely initially be fiat-based. So there is no guarantee that social networks will adopt Dogecoin. If it is, however, the rally at the end of October may just be a test.
At press time, Dogecoin was at $0.0915, which means the price has already lost much of its yesterday’s gains. Although the DOGE recorded its fourth consecutive green weekly candle last week, the price is still in weak territory.
Resistance at $0.11 is the first important step to finally break out of this trend.
Featured image from StormGain, chart from TradingView.com
