- Dogecoin’s (DOGE) price bounced by 10% after X (Twitter) acquired a currency transmitter license in Rhode Island.
- Rumors are spreading that DOGE can be integrated as a form of payment into media platforms.
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Why Has the Doge Price Bounced Recently?
Elon Musk (the world’s richest man), founder, CEO, chairman, and chief technology officer of SpaceX is an investor and business magnate. He took over Twitter in October 2022. Recently, he changed Twitter into a social media giant, X, as he wants to make it the ‘Everything App’. According to some reports, X has acquired a currency transmitter license in Rhode Island. This license gives companies the right to transfer, facilitate, and exchange digital currencies.
Musk wants this platform to be everything in the sense that it would let users share, communicate, make video calls, and process payments in the future from digital currencies to fiat currencies. Ethereum, Bitcoin, and other digital assets are not moving these days in the digital market, but Dogecoin is rising after Musk acquired a currency transmitter license for X (Twitter).
The price of DOGE bounced nearly 10% after X got the license because crypto enthusiasts switched attention to DOGE as it could become X’s native peer-to-peer payment protocol. Musk has not yet confirmed the license and has not made any statement regarding the payment transfer via DOGE meme coin. But crypto people are following his activities continuously, as DOGE is Musk’s favorite altcoin.
Dogecoin was invented in 2013, and Musk has been advising DOGE’s developers since 2019. He started pumping Dogecoin by posting memes on Twitter in 2020. Rumors are also spreading that Dogecoin can be integrated as a form of payment into media platforms. Dogecoin’s developers are also in continuous discussion with Elon Musk. He and Mark Cuban, his fellow billionaire investor, have said earlier that DOGE can be used as a serious crypto coin or form of cryptocurrency for payments one day.
Will the Doge Payment Transaction Happen Through X (Twitter)?
There is no confirmation yet from Twitter’s owner, Elon Musk, but cryptocurrency experts and many crypto enthusiasts are following him and his activities after he bought Twitter. But there will be no shock in the future if we ever hear about digital currency transactions through this platform as he already stated that he wants X to be an ‘Everything App’.
Conclusion
There is a debate on how the cryptocurrency market will shift if DOGE or any other form of cryptocurrency payment starts happening through social media platforms. There will be a new revolution in the field of social media platforms, as these will not only be platforms for people’s interactions but also payment exchange platforms. Cryptocurrency investors, mainly with the DOGE coin might experience a large amount of profit as per the direction and activities of Elon Musk related to the X (Twitter). But the cryptocurrency market is shifting towards one side these days due to a spike in the price of DOGE, whereas other crypto coins such as Bitcoin, Ethereum, etc. are constant these days, which is disappointing the investors of these crypto coins.
