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Elon Musk Fuels Dogecoin Speculation With Recent Move

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Sun, 4/02/2024 - 9:31
Elon Musk Fuels Dogecoin Speculation With Recent Move
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Elon Musk, the tech mogul behind Tesla and SpaceX, has once again shown his affinity for the meme-based cryptocurrency Dogecoin.

Musk, who also owns the social media platform X (formerly known as Twitter), liked a post from his own account dated Oct. 31, 2021, which suggested tuition payments in Dogecoin with discounts for dog owners.

This act of self-endorsement has sparked speculation among investors and enthusiasts about a potential upcoming announcement related to Dogecoin, reigniting interest in the cryptocurrency's future.

X's payment integration: New frontier?

As reported by U.Today, Musk's X is poised to launch peer-to-peer payments within the year, aiming to expand the platform's utility and commerce opportunities. This initiative is part of Musk's broader vision to transform X into an "everything app," encompassing a wide range of functions from social networking to financial transactions.

The announcement has generated excitement about the possible inclusion of cryptocurrencies in X's payment options, but it remains unclear whether Dogecoin will be among the supported currencies.

The introduction of peer-to-peer payments marks a significant step in Musk's ambitious overhaul of X since his acquisition, promising a blend of social and financial services.

Musk's support for Dogecoin

Musk's relationship with Dogecoin has been a major driving force behind the cryptocurrency's popularity and volatility.

The saga took a notable turn when Musk replaced Twitter's iconic bird logo with the Doge image, shortly after acquiring the social media platform for $44 billion in October 2022.

This move sent Dogecoin's value soaring by 8%, illustrating the significant impact of Musk's endorsements on the cryptocurrency market. Although, Musk later removed the Doge logo in favor of rebranding the platform to X.

Over the years, his tweets and public statements have played a pivotal role in shaping the cryptocurrency's trajectory, often leading to sudden surges in its value.

However, the future of Dogecoin remains uncertain amid speculations of its integration into X's upcoming payment services.

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