The head of Tesla and SpaceX, Elon Musk, being the new owner of Twitter, unveiled the roadmap of the social network, according to which the application will be radically rebuilt. The crypto community is discussing how the payment function, information about which was intended to be hidden, will be implemented.
On Sunday, November 27, Musk shared slides from an internal Twitter presentation. Over the past week, the platform has had 2 million new registrations and 8 billion active users every day. According to the published presentation, in addition to payments, the reforms of the social network also imply a change in advertising policy, an increased text size for tweets, the restart of the Blue Verified verification system and encrypted messages. The last point unexpectedly became a reason for activity in the crypto market.
On the slide of the “Payments” section, an empty space is intentionally left and no details are disclosed, which suggests the future use of cryptocurrency on Twitter. The first obvious candidate is Dogecoin (DOGE), which has been hinted at more than once by Musk himself about various integration options.
Over the past week, the DOGE exchange rate has increased by more than 22.5%, jumping from $0.075 to $0.094. Immediately after the publication of the Mask, the coin price added 8%. The most popular “memcoin” has secured the eighth place in the ranking of cryptocurrencies in terms of market capitalization, ahead of Polygon (MATIC), Cardano (ADA) and Litecoin (LTC).
The reaction of the DOGE price to Musk’s statements is probably already familiar to market participants, but other cryptocurrencies are also reacting to the possible introduction on Twitter. If earlier the MASK token grew by 300% on expectations of integration into the social network as a means of payment, then this time a similar jump in the price of another coin is associated with another direction of future innovations of the social network.
Not just Dogecoin
In the source code of the Twitter application for iOS, encryption elements were discovered that the Signal messenger uses, and this led to an increase in the price of the Mobilecoin (MOB) cryptocurrency, which has been used in the application since 2021.
The fact that Twitter is likely to use the Signal protocol to encrypt private messages, technology expert Jane Manchun Wong wrote on Twitter, referring to the code snippets of the social network application for Apple devices. Wong’s tweet quickly went viral, and many crypto enthusiasts supported the idea that Mobilecoin could also be integrated into Twitter as a payment tool, which led to a sharp rise in MOB.
Musk previously spoke well of Signal, advising his subscribers to use the messenger as an alternative to WhatsApp or iMessage. The Signal application has an open source code, behind its development is the Signal Technology Foundation, which is funded by user donations. MOB token from MobileCoin is integrated into the beta version of Signal and the Chinese messenger Mixin.
When reports began to appear en masse that Twitter could use Signal technology, the price of Mobilecoin increased by 300% per day. According to CoinMarketCap, MOB’s market capitalization is $105 million, the coin is on the 169th place of the site’s rating. Despite the huge surge in interest in the coin, its price is still 96% below its historical maximum (ATH) of $71.96.
The Signal protocol added MobileCoin as a payment feature in August 2021. Signal founder Moxie Marlinspike has been an advisor to MobileCoin since 2018. The project attracted $66 million of venture capital investments to develop its own technology for mobile confidential payments. Among the famous investors are Coinbase Ventures, BlockTower Capital and Alameda Research, which went bankrupt along with the FTX exchange.