$800 iPhone claims cause a stir on the Twittersphere

It seems logic doesn't come into play when the Twitterverse talks iPhone.

On Thursday morning two trending topics on Twitter were "耍ollarsForAniPhone" and "#iPhone 5 $800" after reports claimed the next generation of Apple phone will cost around $800.

Despite the online outrage, the claims are most likely false.

Gaming website GameNGuide first reported the exorbitant price on July 12 after finding a listing on a Chinese eBay-like website, TaoBao, of an iPhone 5 for HK$5088.00-6688.00 which is about $800-1,050 in U.S. currency.

As the GameNGuide article pointed out, "Sales on Taobao are auction based, so the potential for being ripped off is high...Obviously, the iPhone will cost a pretty penny, but pigs will fly before it costs that much."

For comparison, when the first iPhone went on the market five years ago, the 4 GB cost $499 while the 8 GB model retailed $599. Last October, when the 16 GB iPhone 4S came out, it sold for $199.

The buzz comes after Wednesday's speculative reports of a sooner-than-expected release date for the Apple moneymaker.

With more than 24,000 retweets, Twitter-user @JAMESSEEKINGS_ popularly summarizes the disbelief at the supposed cost.

iPhone 5 $800? It better be bulletproof, waterproof, damage proof, dirt proof and also fireproof. Siri better twerk on demand too.

— JAMES SEEKINGS ? (@JAMESSEEKINGS_) August 2, 2012

Apple representatives did not return requests for comment.