Dogecoin Price Blasts Off X Payments Launch Drives 16% Surge In DOGE
X, the social media giant formerly known as Twitter, has created a buzz in the crypto community by launching a dedicated X Payments account on its platform. The account, which has a gold verification badge and the X logo, has attracted over 73,000 followers despite having no posts yet.
X Payments is part of X’s broader strategy to introduce a peer-to-peer payment feature on its platform later this year. The company aims to enhance its users’ utility and create new opportunities for commerce. X has already secured licenses across multiple US states to facilitate peer-to-peer payments and other monetary transfers, similar to services offered by payment giants like PayPal.
X’s founder and CEO, Elon Musk, has hinted at a possible launch of X Payments by mid-2024. Musk, who is also the founder and CEO of Tesla, has a vision of turning X into an “everything app” that can rival the likes of Tencent’s WeChat.
Musk is also a well-known supporter of Dogecoin, a popular meme coin that was created as a joke in 2013. Musk has frequently tweeted about Dogecoin, boosting its price and popularity. Tesla, Musk’s electric vehicle company, has also accepted DOGE as a payment method for its merchandise and featured it on its futuristic-looking CyberTruck code page.
These factors have led to speculation that X Payments could potentially integrate DOGE as a payment option, following in Tesla’s footsteps. This could open up new possibilities for Dogecoin and its users, as well as increase its adoption and demand.
Dogecoin Price and Technical Analysis
Dogecoin price has reacted positively to the news of X Payments, surging by over 16% in the last 24 hours. According to Tradingview data, DOGE reached a high of $0.09740, before closing at $0.09116.
Source Tradingview
Beyond the X buzz, Dogecoin received a technical boost from a MACD golden cross, a bullish indicator suggesting sustained upward momentum. This technical validation adds another layer of confidence to the Doge rally.
However, Dogecoin also faced some resistance and selling pressure, as the Relative Strength Index (RSI) for DOGE showed that the cryptocurrency was temporarily overbought, reaching a high of 76.00. This may have triggered a quick sell-off, resulting in the price drop.
What’s Next for Dogecoin?
Dogecoin’s recent surge is undeniably exciting for its fans. However, it’s important to remember that the path to $ 1 is still shrouded in some mystery. While X Payments and Musk’s influence offer promising possibilities, the lack of official confirmation and technical hurdles inject a dose of caution.
Ultimately, the future of DOGE within X Payments rests in the hands of Elon Musk and his team. If they choose to unleash the Doge, we might witness a historic moment for the memecoin. But if they decide to keep the DOGE chained up, the Doge Daydream might have to wait a little longer.
One thing’s for sure: Dogecoin’s bark has gotten louder, and the crypto world is eagerly awaiting to see if it translates into a powerful bite. So, keep your ears peeled, Doge fans, the next chapter in this saga is about to unfold.
Disclaimer
The information contained in this article is intended for informational and educational purposes only. It should not be construed as financial, investment, or trading advice. Investing and trading involve risk, and you should carefully consider your circumstances and risk tolerance before making any investment decisions.
