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Breaking News: REX Shares Claims Its DOGE And XRP Spot ETFs Will Be Approved By US SEC Tomorrow
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Breaking News: REX Shares Claims Its DOGE And XRP Spot ETFs Will Be Approved By US SEC Tomorrow

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

Christian Encila
Christian Encila
1 year ago
3 mins read
DOGE

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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.

Related Reading: Shibarium Shatters Records: 2 Million Transactions In A Day – Details

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.

Would you use Dogecoin on 𝕏? 🐶🪙 pic.twitter.com/bjPayw1NXH

— Sir Doge of the Coin ⚔️ (@dogeofficialceo) January 17, 2024

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.

🚨 67,903,623 #DOGE (5,549,241 USD) transferred from #Robinhood to unknown wallethttps://t.co/381LGoHzwD

— Whale Alert (@whale_alert) January 16, 2024

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.

Dogecoin currently trading at $0.0804679 on the daily chart: TradingView.com

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.

Related Reading

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Chiliz (CHZ) Jumps Over 40%: Reasons Behind The Hot Streak

1 year ago

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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Christian Encila
Christian Encila

Christian Encila

They say journalists never truly clock out. But for Christian, that's not just a metaphor, it's a lifestyle. By day, he navigates the ever-shifting tides of the cryptocurrency market, wielding words like a seasoned editor and crafting articles that decipher the jargon for the masses. When the PC goes on hibernate mode, however, his pursuits take a more mechanical (and sometimes philosophical) turn.

Read more

Christian's journey with the written word began long before the age of Bitcoin. In the hallowed halls of academia, he honed his craft as a feature writer for his college paper. This early love for storytelling paved the way for a successful stint as an editor at a data engineering firm, where his first-month essay win funded a months-long supply of doggie and kitty treats – a testament to his dedication to his furry companions (more on that later).

Christian then roamed the world of journalism, working at newspapers in Canada and even South Korea. He finally settled down at a local news giant in his hometown in the Philippines for a decade, becoming a total news junkie. But then, something new caught his eye: cryptocurrency. It was like a treasure hunt mixed with storytelling - right up his alley!

So, he landed a killer gig at NewsBTC, where he's one of the go-to guys for all things crypto. He breaks down this confusing stuff into bite-sized pieces, making it easy for anyone to understand (he salutes his management team for teaching him this skill).

Think Christian's all work and no play? Not a chance! When he's not at his computer, you'll find him indulging his passion for motorbikes. A true gearhead, Christian loves tinkering with his bike and savoring the joy of the open road on his 320-cc Yamaha R3. Once a speed demon who hit 120mph (a feat he vowed never to repeat), he now prefers leisurely rides along the coast, enjoying the wind in his thinning hair.

Speaking of chill, Christian's got a crew of furry friends waiting for him at home. Two cats and a dog. He swears cats are way smarter than dogs (sorry, Grizzly), but he adores them all anyway. Apparently, watching his pets just chillin’ helps him analyze and write meticulously formatted articles even better.

Here's the thing about this guy: He works a lot, but he keeps himself fueled by enough coffee to make it through the day - and some seriously delicious (Filipino) food. He says a delectable meal is the secret ingredient to a killer article. And after a long day of crypto crusading, he unwinds with some rum (mixed with milk) while watching slapstick movies.

Looking ahead, Christian sees a bright future with NewsBTC. He says he sees himself privileged to be part of an awesome organization, sharing his expertise and passion with a community he values, and fellow editors - and bosses - he deeply respects.

So, the next time you tread into the world of cryptocurrency, remember the man behind the words – the crypto crusader, the grease monkey, and the feline philosopher, all rolled into one.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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