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In recent news, it was revealed that Elon Musk’s latest company, X (formerly known as Twitter), is laying out 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 which coins or payment methods X will adopt, the possible inclusion of Dogecoin (DOGE) into the mix is generating considerable interest among cryptocurrency investors and enthusiasts.
Potential effects of Dogecoin implementation
If X decides to adopt Dogecoin as a payment method, this could have several ramifications for both the platform and the meme-inspired cryptocurrency.
- General 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 wide user base, this could propel Dogecoin into the mainstream, leading to greater acceptance among traders and users.
- Increased demand: As more users opt for Dogecoin payments on X, demand for the coin could skyrocket. This could cause prices to rise if supply remains relatively constant.
- New use cases: Beyond simple transactions, the possible inclusion of X in financial services could offer new avenues for using Dogecoin, such as staking or earning interest.
A look at Dogecoin’s daily chart shows that the coin has seen a mix of ups and downs in recent months. However, there is an evident rebound in recent days. The coin appears to be recovering from a period of consolidation, surpassing its moving averages. The recent bullish candles, combined with increased volume, indicate renewed interest in Dogecoin.
The RSI, although not in the overbought zone, is rising, hinting at growing buying momentum. If the trend continues and there is some confirmation from X regarding Dogecoin integration, it would not be surprising to witness a significant increase in DOGE price.
