Elon Musk has revealed ambitious plans to transform X into a comprehensive financial services platform within a year, according to a new report by The Verge. Musk stated that X users will be able to do everything from peer-to-peer payments to investing without needing a traditional bank account.
This latest announcement has ignited excitement and speculation within the Dogecoin community. Musk has long been a vocal proponent of Dogecoin, consistently tweeting favorable comments about the meme-inspired cryptocurrency. Many believe that Dogecoin could play a role in Musk’s vision for X’s financial ecosystem.
Dogecoin experienced a notable rally earlier this week, surging over 15% to $0.074 before retracing back below $0.07. The recent price action shows there is still substantial interest and trading volume around Dogecoin.
Some speculate that if Dogecoin were integrated with X in some capacity, it could catalyze another leg up for the cryptocurrency. The partnership would represent one of Dogecoin’s most significant real-world use cases to date.
There are also rumors that X may adopt XRP for payments due to its low fees and fast transaction speeds. If X opts to add multiple cryptocurrencies, that would potentially pave the way for Dogecoin to be next on the list.
Importantly, Musk has confirmed there will not be an X-branded cryptocurrency coin.
Of course, this is still speculative. Musk has not yet indicated which, if any, cryptocurrencies will be supported on the X platform. However, as a long-time Dogecoin bull, Musk has given supporters reason to be optimistic.
The coming year will be crucial for Dogecoin as the community looks for it to transition from meme token to functional digital currency. Elon Musk’s plans for X could be the catalyst that propels Dogecoin through its next stage of maturity and adoption.
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