Dogecoin Community Excited About Payment Integration on Elon Musk’s Platform X
The Dogecoin (DOGE) community is buzzing with excitement over the possibility of using DOGE for payments on Elon Musk’s social media platform X.
Elon Musk’s company has been actively securing licenses in various states to introduce a payment feature on X.
Optimism Around DOGE Integration on X
A recent poll by a MyDoge cryptocurrency wallet account asked the community if they believed X should support Dogecoin payments. The response was overwhelmingly positive, displaying the community's enthusiasm despite DOGE's current price being lower than its all-time high.
Elon Musk’s Influence on Dogecoin
Elon Musk’s influence on Dogecoin's popularity cannot be ignored. His tweets and public endorsements have consistently boosted the cryptocurrency’s profile. In May 2021, Dogecoin hit an all-time high of $0.7376, largely due to Musk's promotion, including his famous appearance on Saturday Night Live, where he called himself "The DogeFather." Although the price has since dropped to $0.1243, Dogecoin remains one of the top ten cryptocurrencies by market capitalization. Musk’s ongoing support for Dogecoin continues to drive optimism for its potential integration on the X platform.
Regulatory Advancements for X Payments
In preparation for the anticipated rollout of Dogecoin payments, X has secured payment processing licenses in multiple U.S. states, including Oregon, Illinois, and New Mexico, as of March. These regulatory advancements are seen as crucial steps toward the implementation of X Payments, a feature that is expected to include cryptocurrency options. DogeDesigner has indicated that Dogecoin payments may be introduced by the end of the year. The idea of using Dogecoin for tipping and micropayments has garnered significant support from the DOGE community.
Dogecoin’s Enduring Popularity
Industry experts suggest that while traditional payment methods will still be available, cryptocurrencies like Dogecoin could play a significant role in future transactions on the platform. This move would align with Musk’s advocacy for digital currencies and decentralized finance, reflecting his vision of a more inclusive financial system.
Charles Hoskinson, the founder of Cardano, speculated that Musk might hold a large amount of Dogecoin. Musk’s continued promotion of DOGE has undoubtedly contributed to its enduring popularity and the community’s hopeful outlook.
Dogecoin Price Activity
According to a recent report by Crypto News Flash, Dogecoin's value fluctuated between $0.12 and $0.14 over the past week, showing market volatility. The cryptocurrency has faced a 22% decline over the last month, dipping from the $0.15 level due to sustained selling pressure. Currently, Dogecoin is trading at $0.118, with a 24-hour decline of 6%. However, DOGE’s trading volume has surged by 112%, totaling $678 million in the last 24 hours.
Recent data shows that Dogecoin miners have accumulated $13.7 million worth of DOGE over the past week. This accumulation has helped stabilize the price above the critical $0.12 support level, countering the overall negative market sentiment.
This article is for informational purposes only and not intended as investment advice. Readers should conduct their own research and consult financial advisors before making investment decisions.
