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.
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.
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.
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.