Social media giant X, formerly recognized as Twitter, strategically unveiled a dedicated ‘X Payments’ account on its platform, setting the stage for an upcoming payments feature.
This move has sparked a positive trend for Dogecoin, a widely known memecoin in the cryptocurrency market.
X Payments Feature
The newly established account, X Payments, prominently showcases a gold verification badge and the distinctive X logo, indicating its affiliation with the platform. Despite a lack of posts, the account has garnered over 73,000 followers as of the latest update.
This development aligns with X’s broader strategy to introduce a payment feature on its platform in the near future. The company aims to launch peer-to-peer payments, enhancing user utility and opening up new avenues for commerce. Recent reports suggest that Elon Musk, the influential figure behind the platform, hinted at a potential mid-2024 launch for this feature.
With licenses secured across multiple US states, X is positioned to facilitate peer-to-peer payments and other monetary transfers, resembling services offered by payment giants like PayPal. These licenses are part of Musk’s vision to transform X into an “everything app” akin to Tencent’s WeChat.
Positive Reaction from Dogecoin
The announcement of the X payment feature has significantly impacted Dogecoin. Crypto community members are speculating on potential use cases for DOGE within the platform.
Musk’s favorable stance towards Dogecoin is evident, with Tesla accepting DOGE as a payment method for merchandise and featuring it on Tesla’s futuristic-looking CyberTruck code page.
However, neither X nor Elon Musk have explicitly detailed whether the peer-to-peer system will support traditional fiat currency or cryptocurrency payments. Despite this, the prevailing sentiment leans towards the latter, given Musk’s pro-crypto inclinations.
