People think Dogecoin could be used in Elon Musk’s X Payments System. But it is not known yet if regulators will allow that.
Elon Musk, who is known for his ambitious projects, plans to change how people make online payments through his social media platform Twitter, now dubbed X. The X Payments system aims to integrate various financial services right into the app, so users can handle all their transactions without needing a bank account.
X Payments is currently being developed and is expected to launch later in 2024, as long as it gets regulatory approvals. X is actively working to get permission to transmit money across the United States, showing that they are committed to following the rules. Its goal is to offer users a smooth and complete payment experience within the app, without having to rely on external financial companies.
In addition, X has introduced a premium subscription service that gives users extra tools for their profiles. This service starts from $3 per month, and it creates the possibility for users to earn money on the platform through these added features.
If the payment system gets approval for legal use, it could change the way people make payments online. By removing the need for traditional banks, the platform aims to make it easier for people to generate and distribute their online income. It’s an ambitious plan that will be watched closely because it has the potential to completely change how online payments work.
DOGE Reacts Bullish to the Speculations
There is a lot of speculation about which cryptocurrencies will be used on Elon Musk’s transformed social media platform. Analysts have shared their thoughts on which coins might be adopted, and Dogecoin keeps coming up the most.
When X launched its new payment system account, crypto analyst Julius Elum expressed excitement about the possibility of integrating DOGE. He pointed out that over 20,000 users started following the account within just one hour, showing a strong interest in using the system. Elum specifically mentioned Dogecoin as a cryptocurrency that could be integrated into the X platform.
X payment is coming
DOGE is the payment coin https://t.co/Z9xuKtK7gR
— Julius Elum (@JuliusElum) January 21, 2024
Musk’s previous support of the crypto adds credibility to these predictions. In fact, when the potential integration was announced, the price of Dogecoin went up by 15% in just one day, reaching around $0.09 from $0.078 before closing at $0.087. The trading volume also increased by over 300% to 1.17 billion. Additionally, the social dominance metric of DOGE increased from 1.14% to 3.45% between January 1st and 21st, showing a rise in positive sentiment towards the cryptocurrency.
Rising prices, more trading volume, and social media talk for DOGE all point to positive sentiments. People think Dogecoin could be used in Elon Musk’s X Payments System. But we don’t know yet if regulators will allow that. Still, the recent jumps in its price and interest show investors are hopeful. They think the token could play a role in the financial change X wants to start.