Dogecoin (DOGE) Shines as Elon Musk’s X Prepares to Launch P2P Payments

As stated in an official blog post, Elon Musk's social media platform X, formerly known as Twitter, will launch peer-to-peer payments this year.

The payments, according to X, would unlock "more user utility and opportunities for commerce" as the platform strives for a transformational 2024.

Dogecoin once again comes into the spotlight as X owner Elon Musk, who has often touted DOGE, suggests that the dog-themed cryptocurrency was better suited for payments than Bitcoin (BTC).

Early last year, speculations arose that X was developing a system to allow payments through the social media platform.

According to sources at the time, Musk intended it to be "first and foremost" for fiat money, with the option of adding cryptocurrencies later.

However, it remains unknown how the peer-to-peer payments that X intends to implement will function, as exact details regarding how the payments will work or when they will officially launch were not available at press time.

From all indications, it appears that cryptocurrencies will not be left out. In the past year, X developed a tool in collaboration with eToro that allows users to access cryptocurrencies, stocks and other sorts of financial assets.

Musk has been a major supporter of DOGE; Dogecoin saw a massive price spike after Musk acquired Twitter (now X).

At the start of 2023, Tesla allowed Dogecoin as payment for its merchandise; Musk's perfume brand also accepted Dogecoin payments.

At the time of writing, Dogecoin was trading at $0.079.