Elon Musk’s big vision for X, formerly known as Twitter, includes transforming the platform into an all-encompassing app, complete with payments, audio and video calls, news and even dating. What is the most intriguing part of this ambitious project? The integration of Dogecoin, the popular meme coin that Musk has often championed, into X Payments.
According to Bloomberg, Linda Yaccarino, CEO of X, confirmed that the development of X Payments LLC is well underway. While specific details remain scarce, documents submitted to state regulators reveal plans for features similar to Venmo.
Musk has repeatedly stressed the need for X to diversify its revenue streams beyond advertising, which historically accounts for more than 90% of its profits. He wants X to become the largest financial institution globally, leveraging payment services to improve user engagement and participation in the app.
Financial documents filed with regulators highlight the company’s struggles since Musk’s acquisition in late 2022. Revenue for the first half of 2023 fell to $1.48 billion, down nearly 40% from at the same time in 2022.
The company also reported a loss of $456 million in the first quarter of 2023. Despite these challenges, Musk’s vision remains undaunted, with him owning nearly 75% of X Holdings Corp., the parent company of As of this writing, DOGE was worth $0.121 and has fallen by 10% over the past day.
DOGE’s 50-period moving average and 200-period moving average are currently trending lower, indicating a strong downtrend. The price consistently remains below these averages, which serves as a dynamic resistance level and strengthens the bears’ control.
Despite this, recent movements show the MACD line crossing above the signal line, indicating a potential short-term bullish reversal or pullback. But all in all, DOGE’s near-term outlook is quite bearish.AND)
