The crypto community is riding a wave of anticipation as Elon Musk’s X platform (formerly Twitter) inches closer to implementing a long-awaited payments system, potentially paving the way for the integration of cryptocurrencies like the meme-inspired Dogecoin (DOGE). A recent post by an X team member, DogeDesigner (@cb_doge), boldly declaring “2024 will be the year of 𝕏 Payments,” has ignited a frenzy of excitement among digital asset enthusiasts and average X users alike.
This announcement comes on the heels of Musk’s company securing licenses for payment processing and money transmitter operations in three additional U.S. states: Illinois, Oregon, and New Mexico. With each new regulatory approval, the crypto community’s hopes for DOGE payments on X have been revived, as Musk has long been a vocal proponent of the meme coin’s potential as a means of payment and a way to reward content creators on the platform.
The impact of these developments has been palpable, with the Dogecoin price surging an impressive 44% since March 20, when news of X obtaining the new licenses first circulated. DOGE gradually climbed from $0.1291 to its current level of $0.1863, reflecting the market’s optimism about the coin’s potential integration into the X ecosystem.
Moreover, a recent report indicates that Dogecoin open interest has reached a staggering $1.26 million, with analysts attributing this remarkable surge to the X platform’s pursuit of payment capabilities. A chart shared by the source shows that the rise in open interest began on March 20, the very day the licensing news broke, underscoring the strong correlation between X’s developments and the DOGE market dynamics.
While Elon Musk has remained relatively quiet regarding DOGE in recent times, analysts believe that the tech mogul and the X platform’s initiatives remain the primary driving forces behind the meme coin’s price movements. Should X indeed implement DOGE for internal payments and content creator tipping, it would represent a significant expansion of the cryptocurrency’s adoption and undoubtedly have a profound impact on its market performance.
As the highly anticipated X Payments launch draws nearer, the crypto community’s euphoria continues to build, with enthusiasts eagerly awaiting further developments that could potentially cement Dogecoin’s status as a mainstream digital currency within one of the world’s largest social media platforms.
