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.”
This triggered an enthusiastic response from the crypto community based on this popular social media platform and average X users.
Hope for DOGE payments on X arise from ashes
This announcement follows the news of X owner tech centibillionaire Elon Musk securing licenses for payment 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.
DOGE price jumps 44% in anticipation
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 more than 44%.
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 the source shows 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 DOGE adoption and will certainly have a tremendous impact on the meme coin’s price.