In recent news, it was revealed that Elon Musk's latest venture, X (formerly known as Twitter), is setting ambitious plans for the future. During an all-hands meeting, Musk laid out several visions for the platform, including the introduction of full payment and financial services by the end of 2024. While many are speculating on what currencies or payment methods X will embrace, the potential inclusion of Dogecoin (DOGE) in the mix is sparking considerable interest among crypto enthusiasts and investors.
Potential effects of Dogecoin's implementation
If X decides to adopt Dogecoin as a method of payment, this could have several ramifications for both the platform and the meme-inspired cryptocurrency.
- Main stream acceptance: Dogecoin's integration into X's financial system would further solidify its position as a legitimate cryptocurrency. Given Elon Musk's endorsement and X's extensive user base, this could push Dogecoin into the mainstream, leading to wider acceptance among merchants and users.
- Increased demand: As more users opt for Dogecoin payments on X, the demand for the coin could skyrocket. This might result in a price surge if the supply remains relatively constant.
- New use cases: Beyond simple transactions, X's potential inclusion in financial services might offer new avenues for Dogecoin utilization, such as staking or earning interest.
A glance at Dogecoin's daily chart shows that the coin has seen a mix of highs and lows over the past few months. However, there is an evident uptick in recent days. The coin seems to be recovering from a period of consolidation, moving past its moving averages. The recent bullish candlesticks, combined with increased volume, indicate renewed interest in Dogecoin.
The RSI, although not in the overbought zone, is climbing, hinting at growing buying momentum. If the trend continues and should there be any confirmation from X about integrating Dogecoin, it would not be surprising to witness a significant surge in DOGE's price.