Social media site This step led to the rise of Dogecoin, a famous memecoin in the cryptocurrency market.
The newly created account, titled X Payments, has a gold verification badge and a distinctive X logo, indicating it is officially linked to the platform. Despite the lack of posts, the account has gathered more than 106,000 followers as of writing this report.
The launch of this feature is in line with Social Media Site X's strategy to introduce the payment feature on the platform later this year. The company aims to introduce peer-to-peer (P2P) payments through which two people interact directly with each other, without intermediary by a third party. Recent reports stated that the richest man in the world and owner of the platform, Elon Musk, hinted at the possibility of launching this feature by mid-2024.
Having obtained licenses across multiple US states, These licenses come as Musk seeks to turn X into an everything app similar to others such as Tencent's WeChat.
Musk's favorite coin reacts to the news
The announcement of the imminent launch of the payment feature on Many members of the cryptocurrency community are speculating about potential use cases for the meme within the payments platform.
However, Musk's positive stance towards the digital currency is significantly fueling this speculation, as evidenced by Tesla (NASDAQ: TSLA) accepting Dogecoin as a means of payment for its goods.
Meanwhile, speculation surrounding the potential integration of Dogecoin translated into a strong rise in its price during yesterday's trading. The token was trading at around $0.085, reflecting a 10% growth, but these gains have been reduced significantly over the past 24 hours, as they are now declining by about 3% to $0.083, while recording an increase of 2.8% in the last 7 days.
