X to Integrate Dogecoin in Upcoming Payments Integration

X to Integrate Dogecoin in Upcoming Payments Integration

Elon Musk’s X Platform Raises Hopes for Dogecoin Integration in the Payments Domain

Cryptocurrency enthusiasts, particularly those invested in Dogecoin (DOGE), are buzzing with anticipation following recent developments at X, the platform previously known as Twitter. Led by CEO Linda Yaccarino, X is embarking on an ambitious expansion to enhance its “Everything app” by introducing a range of payment integrations. With Elon Musk at the helm, many speculate that Dogecoin could be among the supported cryptocurrencies.

The updated app promises to be a comprehensive platform, allowing users to share information, participate in community discussions, make calls, and tune into community chats. However, the most striking revelation in the video unveiled by X is its aspiration to evolve into a payments app, enabling users to make online purchases promptly, remit money, and even generate income from ad revenues when participating in Elon Musk’s creator community.

This step is significant, solidifying rumors and speculations that had been swirling in recent months regarding X’s ambitions in the payments domain. Elon Musk, having taken the reins of Twitter last year and rebranding it to X, is known for his holistic vision of creating an all-in-one app experience.

Given Elon Musk’s vocal support for cryptocurrencies, especially Dogecoin, there has been rampant speculation about the potential introduction of DOGE payments on X. However, the video released by X today does not include any hints or references to the integration of DOGE or cryptocurrencies in general.

Cause of Concern for Dogecoin Investors?

Despite the lack of concrete evidence in the recent video, the Dogecoin community remains hopeful. Last year, Dogecoin experienced a sharp surge in price when news of Elon Musk’s acquisition of Twitter began circulating. Although the coin has since seen a downtrend, it remains firmly within the top ten cryptocurrency assets by market capitalization.

While Elon Musk has not made overt Dogecoin-related posts recently, such as sharing a DOGE meme or donning a DOGE shirt like in the past, he continues to be deeply engaged with the Dogecoin community. Evidence can be found in his interactions on X, where he frequently communicates with notable Dogecoin figures, such as DogeDesigner (@cb_doge).

A closer look at Elon Musk’s X feed and communications reveals that DogeDesigner is one of his favorite accounts to interact with. In the last 24 hours alone, Musk has written 11 replies to tweets from DogeDesigner. Musk is also in regular communication with Dogecoin creator Billy Markus, further emphasizing his ongoing involvement with Dogecoin.

In a notable development, X obtained money or currency transmitter licenses in seven US states, including Maryland, New Hampshire, and Rhode Island, three weeks ago. This move lays the groundwork for X’s potential expansion into the payments domain. The license obtained in Rhode Island does encompass crypto payments, alongside other more general payment providers like PayPal and Venmo.

Since June, X has secured similar licenses from other states, including Arizona, Maryland, Georgia, Michigan, Missouri, and New Hampshire. While these licenses have broad scopes, they serve as crucial building blocks for Elon Musk’s ambitions to potentially transform X into a worldwide payment processor.

DOGE Price

At the time of writing, Dogecoin (DOGE) is trading at $0.0627. The price of DOGE has remained relatively stable over the past month, with no significant changes. However, on higher time frames like the 1-day chart, DOGE shows a clear downtrend that needs to be broken in order to create new upward momentum.

DOGE remains in downtrend, 1-day chart

Overall, the recent developments at X, with Elon Musk leading the charge, have raised hopes among Dogecoin investors. While no explicit mention of DOGE integration was made in the video, Elon Musk’s interactions with the Dogecoin community and X’s pursuit of payment licenses indicate the potential for future DOGE integration. The cryptocurrency community eagerly awaits further updates regarding X’s plans for the payments domain and the possible incorporation of Dogecoin into the platform.