Novelties for Twitter: crypto price index expanded, over 30 tokens added

Novelties for Twitter in the last few hours: the platform has expanded its new crypto price search feature, with 30 more cryptocurrencies added to the service recently.

Thus, the new feature that allows users to search the price of individual tokens now has more than 30 tokens added. 

Cashtags: the thirty crypto assets added by Twitter

The new crypto assets added by Twitter are part of the social media giant’s “Cashtags” feature, announced by the Twitter Business account on 21 December with the news of Bitcoin (BTC) and Ether (ETH) as the first cryptocurrencies to be part of the new feature. 

Thus, tweeting or searching for a crypto token or ticker symbol with a dollar sign ($) in front will now be linked to price charts for those symbols. 

The Dogecoin Twitter community in particular has been especially pleased with the addition, given that Twitter’s new CEO, Elon Musk, has offered words of support for the cryptocurrency on many occasions.

As evidenced by one user’s tweet: 

Twitter has added the $DOGE cashtag!

Clicking or searching $DOGE automatically brings up price data for #Dogecoin

Thank you Elon and $TWTR engineers! pic.twitter.com/f3GNb6Dkn9

— 💸💸💸 (@itsALLrisky) January 12, 2023

In any case, it is unclear how the tokens will be permanently added, but, in the original announcement from the Twitter Business account, it said that the symbols simply continue to be added.

It is also believed that the price index will take its data from Trading View, including a link to view the cryptocurrency on the Robinhood online trading platform. However, no partnership agreement between the two has been officially published.

Twitter on crypto Bitcoin and Ethereum

As anticipated earlier, the social media platform Twitter has added a new crypto feature that allows users to search the price of Bitcoin (BTC) and Ethereum (ETH) by simply typing their names or tickers into the search tab.

Soon after the major announcement, on 22 December, Elon Musk retweeted the announcement of the new feature, stating the following: 

One of many product improvements coming to financial Twitter!

Nice work by Twitter team. https://t.co/CKLH8OtDDW

— Elon Musk (@elonmusk) December 22, 2022

Furthermore, as mentioned earlier, the charts reported on Twitter come from the TradingView trading analysis platform. The price charts also include a “View on Robinhood” link that can be clicked in the lower left corner, suggesting that the retail trading platform has partnered with Twitter for this integration.

There, users are directed to Robinhood’s price chart for ETH, which provides an additional link below indicating “Sign up to buy Ethereum.” The same links are also provided for Bitcoin. 

The integration of the Twitter price chart could likely lead to more traffic to Robinhood, since Bitcoin alone is tweeted about 120,000 times a day, according to some data. Ethereum, on the other hand, hovers around the 25,000 search range. 

Musk as Twitter CEO: crypto assets as payment method on the platform 

Earlier this month, rumors began circulating that Twitter might create its own native cryptocurrency, “Twitter Coin,” to be used for payments on the platform.

The rumors began circulating on 4 December, about a week after Musk shared a glimpse of what “Twitter 2.0” might look like, which includes the possible integration of cryptocurrency-based payments on Twitter.

However, Musk’s future at Twitter appears to be at a crossroads after the new CEO asked Twitter users whether he should step down as Twitter CEO in a Twitter poll on 19 December.

Should I step down as head of Twitter? I will abide by the results of this poll.

— Elon Musk (@elonmusk) December 18, 2022

According to the results, 57.5% of 17,502,391 voters answered “Yes.”

So, Musk later added that he will step down as CEO as soon as he finds someone foolish enough to take the job. 

I will resign as CEO as soon as I find someone foolish enough to take the job! After that, I will just run the software & servers teams.

— Elon Musk (@elonmusk) December 21, 2022

At any rate, the new Twitter 2.0 in Musk’s plans, “The Everything App,” also fueled a 19.4% short-term price increase for the meme-inspired cryptocurrency Dogecoin (DOGE).

In addition, other plans listed as part of Musk’s vision for Twitter 2.0 include “Advertising as Entertainment,” “Video,” “Encrypted DMs,” “Long Duration Tweets,” and “Relaunch Blue Verified.”

The slide data also suggest that Musk’s acquisition of the company has already had a not insignificant impact, as the social media platform reached an all-time high in terms of “new user sign-ups” and “active user minutes,” which increased by 86% to 30% respectively in the last week compared to the same seven-day period in 2021. 

Back in October, rumors of Twitter’s cryptocurrency wallet plans had emerged, after popular tech blogger Jane Manchun Wong speculated in a 27 October tweet that the company had already begun work on a prototype wallet that supports cryptocurrency deposits and withdrawals, which led to a 40% increase in DOGE prices at the time.