Some people in the Dogecoin community, like key member Mishaboar, have talked about the rumors that Dogecoin (DOGE) payments might be added to X, the social media site that used to be called Twitter. The DOGE community is very excited because Elon Musk owns X and has supported the cryptocurrency in the past, which has made his comments even more powerful.
Speculation Surrounding Dogecoin Payments
Mishaboar added, despite all the attention, at the time there is no evidence DOGE is connected into X’s payment system. X has made significant steps to introduce its payment system all around, including acquiring a money-transmitter license in North Dakota, but the details of DOGE’s involvement are still unknown.
Not really – X is acquiring licenses across all U.S. states to launch its payments service, but there is no real information beyond rumors or speculation regarding crypto and Dogecoin integration/support.
— Mishaboar (@mishaboar) August 3, 2024
Recent events, such as X Payments obtaining licenses to operate in more jurisdictions including Illinois, New Mexico, and Oregon, have added to the excitement surrounding DOGE payments. These legislative achievements are considered to be essential steps in the direction of putting in place a complete payment system that may eventually include cryptocurrencies such as Dogecoin.
Regulatory Developments And Expansion
There is still optimism in the community, with many DOGE fans expressing confidence that the cryptocurrency could eventually make tipping and micropayments on X possible. Users are quite supportive of the notion of incorporating DOGE payments into the platform, according to a recent survey by the MyDoge wallet account. This indicates that there is general excitement about the possible applications of cryptocurrencies.
Mishaboar warned that despite the enthusiasm, there are hazards associated with the present cryptocurrency scene, especially with the rise of new tokens that he believes to be hoaxes. He underlined that Dogecoin’s decentralized structure and well-established blockchain sets it apart from other meme currencies.
He also said that the cryptocurrency was not initially intended for profit-making but has amassed a sizeable market capitalization thanks to community support and involvement.
Elon Musk has had an enormous influence on Dogecoin. His public backing for the coin has made a lot more people aware of it, and in May 2021, it hit a peak price of $0.7376. Even though DOGE is selling at about $0.1243, which is a big drop from its high point, it is still one of the 10 largest cryptocurrencies by market value.
As the DOGE community anticipates future advancements, Dogecoin payments on X might represent a turning point in terms of daily usage and public adoption. Musk wants to diversify the financial infrastructure, and adding the meme coin to he social media’s payment design would help him achieve this goal.
Featured image from Pexels, chart from TradingView