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Will X Unleash The Doge? Platform Users Eager To Embrace The Meme Coin

DOGE (Dogecoin), the cryptocurrency propelled by internet memes, is gaining attention on Elon Musk’s X (formerly Twitter), as evidenced by a survey conducted by a leading Doge account.

The community’s interest in integrating Dogecoin (DOGE) into the platform for payments and tips is apparent, reflecting a desire to move away from traditional fiat currencies.

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Doge In X: Regulatory Challenges

Elon Musk has been a vocal supporter of Dogecoin, praising its transaction speed and suitability in comparison to Bitcoin. Although there is no official confirmation, speculation is mounting following X’s acquisition of money transfer licenses across various US states.

Musk envisions transforming X into an “everything app” with a robust commerce engine, and Dogecoin could play a significant role in this vision.

However, obstacles exist before the potential integration of Dogecoin into the platform. Regulatory approvals for the acquired money transfer licenses are anticipated by mid-2024, posing a potential challenge to Musk’s ambitious timeline.

Additionally, technical details and integration methods for DOGE payments remain undisclosed.

At the time of writing, DOGE was trading at $$0.0802 down 1.2% and 4.4% in the last 24 hours and seven days, data from Coingecko shows.

Despite these uncertainties, the Doge community is actively preparing. Large transactions involving millions of DOGE tokens suggest anticipation for a potential surge 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 unidentified buyer removed 67,903,623 Dogecoin from the popular brokerage platform Robinhood during the last 24 hours, according to the blockchain sleuth at Whale Alert.

The identical source had earlier this week reported a substantially larger quantity of these meme currencies transferred—990,000,000 DOGE, which was valued $79,757,842 when the transaction was made.

The possibility of Dogecoin payments on X has the potential to bring about significant changes, not only for X but also for the broader online payment landscape.

Doge Challenges: Volatility, Community Transition

Envisioning the ability to tip content creators or settle bills with digital shiba inu coins adds an element of fun and community to online transactions, challenging the dominance of traditional payment providers.

However, challenges extend beyond regulatory approval. The inherent volatility of cryptocurrency markets, exemplified by Doge’s recent price dip, raises concerns. Integrating a meme-based currency into a major platform entails navigating potential financial risks and bubbles cautiously.

The future remains uncertain regarding Doge becoming the official currency of X’s “everything app” ecosystem. One undeniable fact is the readiness of the Doge community to transition away from fiat, envisioning a future where digital shiba inu smiles replace conventional currencies.

The extent to which this revolution translates into widespread adoption and lasting impact is yet to be seen. Regardless, the Dogecoin narrative is evolving, promising an intriguing journey shaped by memes, speculation, and the unpredictable nature of Musk.

Featured image from Freepik

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Twitter IPO: Dogecoin Takes Center Stage In Elon Musk’s X IPO Rumors

The crypto community is buzzing with excitement as rumors spread about a possible collaboration between the CEO of Pershing Square Capital Management and Elon Musk’s X. Ackman’s desire to potentially work with X has grabbed the attention of investors, raising questions about the possible impact on the cryptocurrency market, specifically on digital coins like Dogecoin. 

Ackman Signals Willingness To Strike Deal With Musk’s X

According to reports from The Wall Street Journal, Bill Ackman, an American Billionaire hedge fund manager and founder and CEO of Pershing Square, has stated his interest in striking a deal with Elon Musk’s recently rebranded X social media platform. 

When asked by The WSJ if he would be interested in enacting a deal with X, Ackman responded by saying “Absolutely.” The American billionaire has been an avid user of X platform, amassing almost 800,000 followers and broadcasting his views on various global topics and issues. 

The Pershing Square CEO also recently disclosed the regulatory approval of its unique investment vehicle, SPARC by the United States Securities and Exchange Commission (SEC), allowing the financial vehicle to target and invest in privately held firms and move them into a public domain. 

Ackman announced in an X post, urging private companies looking to go public to consider Pershing Square as an investor. 

“If your large private growth company wants to go public without the risks and expenses of a typical IPO, with Pershing Square as your anchor shareholder, please call me. We promise a quick yes or no,” Ackman stated. 

Although Ackman has revealed his willingness to potentially collaborate with X, Musk has not released any acknowledgment or confirmation of Ackman’s statement. Investors, however, are curious about the potential influence the alleged collaboration would have on Dogecoin cryptocurrency. 

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

What Does This Mean For Dogecoin?

The speculation about X’s dealing with Ackman’s investment vehicle has led to whispers about potential market changes and possibilities for Dogecoin. 

Since Dogecoin is known to be highly favored by Musk, who is believed to be one of the largest investors of the cryptocurrency, industry investors see the possibility of cooperation between Ackman and X driving Dogecoin’s market price toward a $0.75 mark. 

There have also been previous speculations that Musk would implement DOGE payments as he deploys X bots in his new X payment plans.

Crypto enthusiasts and industry investors have seen Musk’s heavy influence on the price of Dogecoin over the years and are looking forward to the changes the cryptocurrency would have if rumors of Ackman’s alignment with X come to fruition. 

Currently, the price of Dogecoin is trading at $0.062 with a 24-hour trading volume of over $238 million. The cryptocurrency is presently facing a bullish uphill climb to the $0.07 mark, however, market metrics have revealed challenges in Dogecoin’s upsurge.

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Elon Musk’s Biography Just Dropped: Here Are Important Excerpts About Dogecoin

The much-anticipated biography of the world’s richest man, Elon Musk, recently dropped. As expected, it contains some interesting tales of Musk’s involvement with the meme coin Dogecoin and how he has contributed to its growth.

Musk’s Love For Dogecoin Runs Deep

Musk’s biography, authored by Walter Isaacson, contains certain important parts that highlight how much the world’s richest man is invested in the token. In one part, Isaacson writes that Musk’s brother discussed the possibility of creating a blockchain-based social media platform that would include a payment system using Dogecoin. 

Musk thought it was a great idea and even sent his brother an idea for “a blockchain social system that does both payments and short messages like Twitter.” Considering that it will be decentralized, Musk stated that it will guarantee free speech (something which Musk has continuously advocated for). The other option that Musk mentioned instead of this idea was to buy Twitter, which he eventually did.

However, considering that the initial idea was to create a decentralized social system with Dogecoin being an integral part of the payment system, it won’t be surprising to see Musk incorporate the meme coin into the payment system he intends to build on the X (formerly Twitter) platform. 

Musk is known to post cryptic memes about Dogecoin usually. Still, his wittiness towards the meme token doesn’t stop there, as he went as far as purchasing a Shiba Inu dog named Floki, which happens to be Dogecoin’s logo. In February, he posted a tweet of this pet dog with the caption, “The new CEO of Twitter..”

According to the book, FTX’s CEO Sam Bankman-Fried (SBF) was in support of Musk acquiring Twitter as he believed that Twitter could be rebuilt on the blockchain and was “eager” to be part of the deal. Last year, Musk confirmed that SBF wanted to finance his Twitter takeover, but he wasn’t so inclined to the idea as SBF had “set off his bullshit meter.”

The world’s richest man considered the idea of using blockchain technology as a support system for Twitter. However, it seems that Musk’s love for Dogecoin didn’t translate to him being a huge fan of blockchain technology. Isaacson stated that “despite the fun he had with Dogecoin and other cryptocurrencies, he was not a blockchain acolyte and he felt it would be too sluggish to support fast-paced Twitter postings.”

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

DOGE Is An Investment

Beyond his fondness for the meme token, Musk is reportedly invested in Dogecoin’s development. A page in the book revealed that Musk had been funding the cryptocurrency, with Isaacson labeling Dogecoin “the semi-serious cryptocurrency whose development he [Musk] had been quietly funding.” 

As such, it won’t be surprising to see Musk work towards ensuring that the meme token attains new heights, with a prominent member of the Dogecoin community positing that Elon Musk will make the token “the official currency of X and earth in the future.”

While this may seem farfetched to many, Musk is already taking steps that could place Dogecoin on the global stage. His X platform recently acquired licenses to offer payment services in multiple states in the US. This move could undoubtedly form part of Musk’s plans to create a payment system where users make payments in DOGE. 

DOGE is currently trading at around $0.06145, up by 0.50% in the last twenty-four hours, according to data from CoinMarketCap.