Payments speculations on Elon Musk’s X Platform ignite a Dogecoin rally

on Jul 25, 2023
  • Elon Musk has said that the X company, formerly Twitter, will take part in the global payment system.
  • After announcing Twitter had rebranded to X, Musk made a tweet mentioning Dogecoins.
  • Musk’s dalliance with Dogecoin has made people believe the meme coin could be included on the platform.

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Dogecoin’s (DOGE) price increased for the second time in a row over the course of two days due to rumours about what role it might play on the recently rebranded X platform.

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Data from CoinGecko shows that DOGE increased by up to 10%, reaching $0.077840 with a $10.98 billion market cap. Its trading volume has also seen a significant surge, with a significant portion of this trading activity seen on the South Korean exchange UpBit, which is renowned for drawing speculative trades.

Speculations about Dogecoin use on the X platform

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Analysts predict that DOGE may become more useful on Twitter’s newly renamed “X” platform. It’s widely believed that in the near future, Twitter may start to accept DOGE tokens for a variety of uses, including ad payments. These discussions have been sparked by owner Elon Musk’s interest in the meme coin.

For instance, Musk previously suggested that Twitter Blue, the site’s subscription service with premium features, might accept DOGE payments. Additionally, Musk’s electric car company Tesla already accepts DOGE for merchandise purchases, suggesting that DOGE may catch on more widely.

According to reports, Twitter is developing a payment system for its platform. Musk stated that he wanted the system to initially support fiat currencies while leaving the door open to later add cryptocurrencies.

Although it is not clear whether X will incorporate cryptocurrencies in its payment system, Musk has confirmed that the company is developing a payment system in a recent tweet where he said “X will soon add the ability to “conduct your entire financial world” on the platform.”


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