Social media giant X, formerly known as Twitter, has set the stage for its upcoming payments feature by establishing a dedicated account on its platform.
This strategic move has triggered a bullish trend for Dogecoin, a popular memecoin within the cryptocurrency market.
X Payments Feature
The newly created account, X Payments, prominently features a gold verification badge and the distinctive X logo, signaling its association with the platform. Despite a lack of posts, the account has amassed over 73,000 followers as of the latest update.
This development aligns with X’s broader strategy to introduce a payment feature on its platform later this year. The company aims to roll out peer-to-peer payments that enhance its users’ utility and create new avenues for commerce. Recent reports stated that Elon Musk, the influential figure behind the platform, hinted at a potential launch of this feature by mid-2024.
Having secured licenses across multiple US states, X is positioned to facilitate peer-to-peer payments and other monetary transfers, mirroring services provided by payment giants like PayPal. These licenses come as Musk seeks to turn X into an “everything app” modeled after the likes of Tencent’s WeChat.
Dogecoin Reacts Positively
X payment feature announcement has significantly impacted Dogecoin. Several crypto community members are speculating on potential use cases for DOGE within the platform.
Musk’s favorable stance towards Dogecoin notably fuels the speculations. This is evident in Tesla accepting DOGE as a payment method for its merchandise and mentioning it on Tesla’s futuristic-looking CyberTruck code page.
However, X nor Elon Musk have explicitly detailed whether its peer-to-peer system will support traditional fiat currency or cryptocurrency payments. But the prevailing sentiment leans towards the latter, given Musk’s pro-crypto inclinations.
Read more: (DOGE) Dogecoin Price Prediction 2024
Meanwhile, the speculation surrounding Dogecoin’s potential integration has translated into a surge in its price over the last 24 hours. Presently, the token is trading around $0.085, reflecting a 10% growth according to pricing data from BeInCrypto.
“Right now Dogecoin is fighting the $0.09 resistance level. Will the Bears or the Bulls Win? I believe we will hit the resistance 4 more times and break above it… This is all because of the Xpayment announcement,” a renowned technical analyst wrote.