Twitter chief executive Elon Musk has reportedly told developers to make Twitter Coin fiat-based but to build it in a way that can incorporate crypto functionality in the future.

The aftermath of the report saw Dogecoin (DOGE) recording gains in the market, rising 6.7% in 24 hours, signalling strong links between the asset and Musk. The price of DOGE moved up from $0.08 to $0.09 within hours as other top assets, including Bitcoin and Ethereum, took a nosedive.

Despite the perceived setback of Twitter Coin not being a cryptocurrency, the DOGE community still shows strong enthusiasm, as shown by several tweets. DOGE holders have speculated on using their prized asset for payments on the social media giant after Musk’s takeover back in October.

Musk has been a strong voice for DOGE, causing several upticks in the price of the asset, including its all-time high just before his Saturday Night Live appearance in 2021. With plans to launch Twitter 2.0, which will include the monetization of the app allowing users to send tokens to other users in the form of “awards.”