X, the social media platform formerly known as Twitter, announced that it will introduce peer-to-peer payments this year, offering more utility and opportunities for commerce to its users. The company, which was acquired by Elon Musk in October 2022 for $44 billion, aims to become an “everything app” that integrates various services and features.
According to the company’s official blog post, X has secured licenses for payment processing across various U.S. states and is working on expanding its reach globally. X also stated that it will not create a native cryptocurrency, dispelling rumors about an “X coin” being launched.
DOGE community wants to use meme coin on X
One of the most popular cryptocurrencies on X is Dogecoin (DOGE), a meme-inspired coin that has a loyal fan base and a high-profile supporter in Elon Musk himself. The billionaire entrepreneur has often praised DOGE as a better alternative for payments than Bitcoin and hinted that he would like to see it integrated on X.
To gauge the interest of the DOGE community, a DOGE-themed account @dogeofficialceo posted a survey on X, asking if they are ready to start using DOGE for payments and tipping on the platform. The survey received over 10,000 votes, with 87% saying “yes”, 9% saying “no” and 4% saying “maybe”.
Some of the respondents said that they would use DOGE on X if they could link their wallets to the platform, while others expressed their excitement and enthusiasm for the idea. One user, @MrDylanKrug, replied with a GIF of a dog saying “hard yes”.
DOGE price and market movements
DOGE is currently trading at $0.0805, down 2.85% in the past 24 hours, according to CoinMarketCap. The coin has a market capitalization of $10.5 billion and a daily volume of $1.2 billion.
Despite the recent dip, DOGE has seen some positive developments in the past week. According to Whale Alert, a blockchain tracker, over 1 billion DOGE were transferred from Robinhood, a popular brokerage platform, to unknown wallets. This could indicate that some DOGE holders are moving their coins to more secure and decentralized platforms, or preparing for future spending on X.
DOGE is also gaining more adoption and recognition in the real world. For instance, a DOGE-themed car will race in the Daytona 500, a prestigious NASCAR event, on February 18. The car is sponsored by Springrates, an automotive parts company, and driven by Stefan Parsons, a professional racer and DOGE fan.
