Will X Unleash The Doge? Platform Users Eager To Embrace The Meme Coin
18 Januar 2024 - 8:00AM
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DOGE (Dogecoin), the cryptocurrency propelled by internet memes, is
gaining attention on Elon Musk’s X (formerly Twitter), as evidenced
by a survey conducted by a leading Doge account. The community’s
interest in integrating Dogecoin (DOGE) into the platform for
payments and tips is apparent, reflecting a desire to move away
from traditional fiat currencies. Related Reading: Shibarium
Shatters Records: 2 Million Transactions In A Day – Details Doge In
X: Regulatory Challenges Elon Musk has been a vocal supporter of
Dogecoin, praising its transaction speed and suitability in
comparison to Bitcoin. Although there is no official confirmation,
speculation is mounting following X’s acquisition of money transfer
licenses across various US states. Musk envisions transforming X
into an “everything app” with a robust commerce engine, and
Dogecoin could play a significant role in this vision. Would you
use Dogecoin on 𝕏? 🐶🪙 pic.twitter.com/bjPayw1NXH — Sir Doge of the
Coin ⚔️ (@dogeofficialceo) January 17, 2024 However, obstacles
exist before the potential integration of Dogecoin into the
platform. Regulatory approvals for the acquired money transfer
licenses are anticipated by mid-2024, posing a potential challenge
to Musk’s ambitious timeline. Additionally, technical details and
integration methods for DOGE payments remain undisclosed. At the
time of writing, DOGE was trading at $$0.0802 down 1.2% and 4.4% in
the last 24 hours and seven days, data from Coingecko shows.
Despite these uncertainties, the Doge community is actively
preparing. Large transactions involving millions of DOGE tokens
suggest anticipation for a potential surge in demand. The
enthusiasm within the X community, evident in tweets and
discussions, is noteworthy. Just this week, almost a billion DOGE
changed hands. An unidentified buyer removed 67,903,623 Dogecoin
from the popular brokerage platform Robinhood during the last 24
hours, according to the blockchain sleuth at Whale Alert. 🚨
67,903,623 #DOGE (5,549,241 USD) transferred from #Robinhood to
unknown wallethttps://t.co/381LGoHzwD — Whale Alert (@whale_alert)
January 16, 2024 The identical source had earlier this week
reported a substantially larger quantity of these meme currencies
transferred—990,000,000 DOGE, which was valued $79,757,842 when the
transaction was made. The possibility of Dogecoin payments on X has
the potential to bring about significant changes, not only for X
but also for the broader online payment landscape. Dogecoin
currently trading at $0.0804679 on the daily chart: TradingView.com
Doge Challenges: Volatility, Community Transition Envisioning the
ability to tip content creators or settle bills with digital shiba
inu coins adds an element of fun and community to online
transactions, challenging the dominance of traditional payment
providers. However, challenges extend beyond regulatory approval.
The inherent volatility of cryptocurrency markets, exemplified by
Doge’s recent price dip, raises concerns. Integrating a meme-based
currency into a major platform entails navigating potential
financial risks and bubbles cautiously. Related Reading: Chiliz
(CHZ) Jumps Over 40%: Reasons Behind The Hot Streak The future
remains uncertain regarding Doge becoming the official currency of
X’s “everything app” ecosystem. One undeniable fact is the
readiness of the Doge community to transition away from fiat,
envisioning a future where digital shiba inu smiles replace
conventional currencies. The extent to which this revolution
translates into widespread adoption and lasting impact is yet to be
seen. Regardless, the Dogecoin narrative is evolving, promising an
intriguing journey shaped by memes, speculation, and the
unpredictable nature of Musk. Featured image from Freepik
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