Elon Musk

<figure> 
 <figcaption>
 Cover image via <a href="https://u.today/">U.Today</a>
 </figcaption> 
</figure>
X platform user calling himself DogeDesigner (@cb_doge) and one of the X team members has published a post, stating that “2024 will be the year of 𝕏 Payments.”
<blockquote>
 2024 will be the year of 𝕏 Payments <a href="https://t.co/CkHlelfJUN">pic.twitter.com/CkHlelfJUN</a>— DogeDesigner (@cb_doge) <a href="https://twitter.com/cb_doge/status/1772738544231981519?ref_src=twsrc%5Etfw">March 26, 2024</a>
</blockquote> 
This triggered an enthusiastic response from the crypto community based on this popular social media platform and average X users.
<h2 id="hope-for-doge-payments-on-x-arise-from-ashes">Hope for DOGE payments on X arise from ashes</h2>
This announcement follows the news of X owner tech centibillionaire <a href="https://u.today/dogecoin-doge-payments-soon-elon-musks-x-secures-three-new-licenses-in-key-us-states">Elon Musk securing licenses for payment</a> processing and money transmitter operations in three new US states. The authorities of Illinois, Oregon and New Mexico granted the necessary approvals to Musk’s company a week ago.
As the list of these granted permissions grows bigger, hopes of Musk finally implementing cryptocurrency-powered payments on the X platform have been reignited. In particular, this is true about the iconic meme cryptocurrency Dogecoin (DOGE), of which Musk is a loyal fan.
Even before he purchased Twitter in 2022 and rebranded it as X a year later, he spoke during podcasts that DOGE seems like an ideal means of payments on the social media behemoth, as well as a way to reward content creators.
<h2 id="doge-price-jumps-44-in-anticipation">DOGE price jumps 44% in anticipation</h2>
Since March 20, when the aforementioned news about X securing new licenses spread around the crypto space, the Dogecoin price has shown a staggering increase by <a href="https://www.tradingview.com/symbols/DOGEUSD/">more than 44%</a>.
DOGE gradually surged from $0.1291 to the $0.1863 level where the popular meme coin is changing hands at the time of this writing.
In the meantime, a recent report shows that Dogecoin open interest has reached an astounding $1.26 million. Even if Elon Musk has not been speaking openly about DOGE as of late, the analyst believes that the tech mogul and X developments remain the main drivers behind the DOGE price.
In particular, it says, the massive rise of the open interest above $1.26 billion has been triggered by the obtaining of the above-mentioned new licenses for the X platform. A chart shared by <a href="https://twitter.com/RepeatAfterVee/status/1772673145201176987">the source shows</a> that the rise in the open interest started on the day when the news came out – on March 20. If X starts utilizing Dogecoin for internal payments and for tipping, it will be a great expansion of <a href="https://u.today/elon-musks-x-secures-new-payment-license-in-key-us-state">DOGE adoption</a> and will certainly have a tremendous impact on the meme coin’s price.

Crypto Community Excited Anticipating Payments Launch on X This Year

Table of Contents

U_Today

Other articles published on Mar 27, 2024

Polkadot Falls More Than 3% In 24 hours

Tidal and Hashdex Launch Bitcoin ETF Trading Post Successful Fund Conversion

How Shiba Inu ‘outperformed’ Vitalik Buterin’s expectations

Analyst says Dogecoin could reach $0.3 in April

Why Solana’s revisit to $200 may be right under your nose

Terra Luna Classic Shows Resilience in Market Performance

Join our free newsletter for daily crypto updates!