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Dogecoin X Small

Dogecoin Rallies As X Announces Plans To Launch Peer-to-Peer Payments

Best Owie
by Best Owie
1 year ago
·
Posted in Dogecoin
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

Dogecoin is on another rally once more as social media platform X (formerly Twitter) made an announcement that many believe will ultimately have a significant impact on the DOGE price. According to the announcement, X is finally moving forward with its long-await payments plans which are expected to go live in 2024.

X Says Peer-To-Peer Payments Are Coming

In a post by X Business, the social media platform has revealed its plans for 2024 going forward. The post starts out by highlighting the achievements of the platform in 2023 which was taken over by billionaire Elon Musk in late 2022.

Related Reading: Former SEC Chairman Says Bitcoin Spot ETF Is Coming, It is ‘Inevitable’

Some of the achievements included the launch of its very own search assistant powered by Artificial Intelligence (AI) called Grok. As well as its ad revenue-sharing program, something that has been a favorite for creators on the platform.

However, the company seems to be looking toward more innovations as 2024 comes into full swing. The post revealed that X will launch a peer-to-peer payment system for users. This is in an effort to actually open up more opportunities for commerce on the platform, allowing users to do everything in one place.

“X is set to revolutionize 2024 with groundbreaking products and services that will reshape how we connect, communicate, and transact,” the post read.

Dogecoin price chart from Tradingview.com (Elon Musk X)

DOGE Price lands above $0.085 | Source: DOGEUSD On Tradingview.com

Dogecoin Payments Coming To X?

The announcement of a peer-to-peer payments system coming to the X platform has sparked optimism in the community that Dogecoin payments will finally be integrated. According to Dogecoin influencer @TOPDOGE007 who posted about X launching its P2P payments service, they “wouldn’t be surprised if we see Dogecoin payments incorporated.”

X received multiple licenses in 2023 to become a payments facilitator across a number of states in the United States. Elon Musk has previously stated that he plans to make X the preferred platform for payments where users will not need to have a bank account to carry out transactions. “It’s not just like send $20 to my friend. I’m talking about, like, you won’t need a bank account,” Musk said in 2023.

Related Reading: List Of 5 Meme Coins That Could Make You Rich In 2024

Given Musk’s support for Dogecoin and the fact that he has talked about incorporating DOGE payments on X in the past, it is no surprise that expectations are that the meme coin will be used for payments on the platform.

Alex Lewis, Chief Technology Officer (CTO) of the MyDoge Wallet, has also said that he believes that Dogecoin payments will be available on X. Lewis points to the fact that X had applied for licenses to allow users to hold a balance as a precursor of what is to come. In this vein, X users will also be able to have a DOGE balance alongside a dollar balance.

The DOGE price is already seeing some upside as anticipation grows. At the time of writing, the crypto is seeing 7.62% gains in the last 24 hours to trade at $0.084.

Follow Best Owie on X (formerly Twitter) for market insights, updates, and the occasional funny tweet… Featured image from NewsBTC, chart from TradingView.com
Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
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Best Owie is a Managing Editor at Bitcoinist with extensive experience and a proficient expert known for crafting captivating and insightful content. Best boasts over six years in the crypto sector, and has supervised the conception and publication of thousands of articles. Best is also a content and marketing strategist with the ability to make sure your content reaches the right audience and beyond. In every aspect, Best stands out as a consummate professional, always striving for unparalleled excellence both within and outside the workplace.

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