•Social networking site X, formerly known as Twitter, paved the way for the launch of the payments feature by creating a dedicated account on its platform. This step led to the rise of Dogecoin, a famous meme coin in the cryptocurrency market.
•The newly created account, titled “X Payments,” has a gold verification badge and a distinct X logo, indicating it is officially associated with the platform. Despite the lack of posts, the account has gathered more than 106,000 followers as of writing this report.
•The launch of this feature is in line with the strategy of the social networking site “X” to introduce the payment feature on the platform later this year. The company aims to introduce peer-to-peer (P2P) payments through which two people interact directly with each other, without intermediary by a third party. Recent reports stated that the richest man in the world and owner of the platform, Elon Musk, hinted at the possibility of launching this feature by mid-2024.
•Having obtained licenses across multiple US states, These licenses come as Musk seeks to turn X into an “everything app” similar to other apps such as “WeChat” from Tencent.
•Musk's favorite currency reacts to the news. The announcement of the approaching launch of the payment feature on "X" greatly affected "Dogecoin", which is Musk's favorite digital currency. Many members of the cryptocurrency community are speculating about potential use cases for the meme within the payments platform.
•However, Musk's positive stance towards the digital currency significantly fuels this speculation, as evidenced by Tesla (NASDAQ: TSLA) accepting Dogecoin as a means of payment for its goods.
•At the same time, speculation surrounding the potential integration of Dogecoin translated into a strong rise in its price during yesterday's trading. The token was traded at around $0.085, reflecting a growth of 10%, but these increases have been reduced significantly over the past 24 hours, as it is now declining by about 3% to $0.083, while recording an increase of 2.8% in the last 7 days, According to the data available on the Investing Saudi Arabia website.
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