2023-8-10 22:52 |
After Elon Musk rebranded Twitter as X, speculation flourished regarding the payment infrastructure that could turn X into the Everything app, similar to WeChat. Upon the initial announcement that X would replace the bird logo, many presumed Musk would embrace Dogecoin for payments, resulting in a 20% surge in the popular meme coin’s price. This increase was unsurprising, given Musk’s well-known fondness for Dogecoin and the hints he dropped suggesting its adoption.
Launched as a joke in 2013, Dogecoin has amassed a significant following and now ranks as the 7th largest coin by market cap, boasting an impressive $10.5 billion cap. Musk even added it to the location field of his Twitter bio.
Initially, there were speculations about the possibility of using cryptocurrency, particularly Dogecoin, for transactions on X. However, there have been no updates or confirmations regarding these plans since then. Additionally, recent news has emerged that might surprise cryptocurrency enthusiasts and pique curiosity.
Now, X offers creators global monetization and has partnered with the global fintech company Stripe, facilitating payouts since April 2022. The Ireland-based payments and money transfer company provides fiat and crypto transfers and payouts. Thus, it appears that X might not have a direct plan to make payments in cryptocurrency.
Nevertheless, Musk could still use cryptocurrencies for peer-to-peer transfers or other payments. However, there hasn’t been much information on this front yet. Until a recent cryptic tweet, that is.
Musk tweeted, “Something special is coming.”
While it may not relate to payments or cryptocurrencies, crypto Twitter swiftly rallied to support Dogecoin payments. Naturally, if X were to embrace Dogecoin, its price could experience significant growth. However, this would hinge on the overall success and adoption of payments and transfers via X, which remains uncertain.
As of writing, the price of Dogecoin hovers just under $0.08 at $0.075, experiencing a 1% decline in the last 24 hours. No further comments about the “special something” have been published, urging investors to weigh the risks when investing in volatile assets based on speculations and enigmatic tweets.
One thing is certain, though: Elon Musk continues to stir up things with his tweets, garnering significant attention from the industry. The use of crypto on one of the largest social media platforms could serve as a bullish catalyst for the cryptocurrency market.
Popular crypto exchange Kraken tweeted, “Now imagine the option to receive payouts in Bitcoin. Wen crypto integration?”
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