DOGE (Dogecoin), a cryptocurrency promoted by internet memes, is gaining attention on Elon Musk's X (formerly Twitter), according to a poll conducted by the leading Doge account.
Community interest in integrating Dogecoin (DOGE) into the payments and tipping platform is clear, reflecting a desire to move away from traditional fiat currencies.
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Doge In X: Regulatory Issues
Elon Musk has been a vocal supporter of Dogecoin, praising its transaction speed and suitability compared to Bitcoin. Although there is no official confirmation, speculation is growing after acquiring X number of money transfer licenses in various US states.
Musk envisions turning 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, there are obstacles to the potential integration of Dogecoin into the platform. Regulatory approval for the acquired money transfer licenses is expected by mid-2024, posing a potential challenge to Musk's ambitious timeline.
Additionally, the technical details and methods for integrating DOGE payments remain undisclosed.
At the time of writing, DOGE was trading at $0.0802, having lost 1.2% and 4.4% over the past 24 hours and seven days, Coingecko data shows.
Despite this uncertainty, the Doge community is actively preparing. Large transactions involving millions of DOGE tokens suggest a potential increase 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 unknown buyer removed 67,903,623 Dogecoin from popular brokerage platform Robinhood in the last 24 hours, according to blockchain researcher 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
Earlier this week, the same source reported a significantly larger amount of meme currencies transferred – 990,000,000 DOGE, which was valued at $79,757,842 at the time of the transaction.
The ability for Dogecoin payments on X could lead to significant changes not only for X, but also for the broader online payments environment.
Dogecoin is currently trading at $0.0804679 on the daily chart: TradingView.com
Doge Problems: Instability, Community Transition
Providing the ability to tip content creators or pay bills using digital Shiba Inu coins adds an element of fun and community to online transactions, challenging the dominance of traditional payment providers.
However, the challenges extend beyond regulatory approval. The inherent volatility in cryptocurrency markets, as exemplified by the recent price drop in Doge, is a cause for concern. Integrating a meme-based currency into a major platform entails careful management of potential financial risks and bubbles.
The future remains uncertain regarding Doge becoming the official currency of the “all apps” X ecosystem. One undeniable fact is the Doge community's willingness to move away from paper money, envisioning a future in which digital Shiba Inu smiles replace traditional currencies.
The extent to which this revolution will lead to widespread adoption and long-term impact remains to be seen. However, the story of Dogecoin is evolving, promising an intriguing journey based on memes, speculation and the unpredictable nature of Musk.
Featured image from Freepik