- Dogecoin may soon join X’s payment options, with MyDoge Wallet’s CTO revealing licensing plans that could make it work like PayPal.
- The integration could boost Dogecoin’s adoption and price, but it faces competition as its value lags behind Bitcoin and Solana in 2023.
Social media platform X’s potential integration of Dogecoin (DOGE) into its payment feature has generated significant interest and speculation among DOGE enthusiasts. While no official confirmation regarding the integration timeline has been provided,
MyDoge Wallet CTO Alex Lewis shed light on the development, suggesting that X is taking steps to become a licensed custodial service. This move could bring DOGE closer to functioning as a mainstream digital currency.
MyDoge Wallet CTO Reveals Insights on X’s Licensing Plans
In a conversation with Fabrice Calmels, Alex Lewis disclosed that X, the popular social media platform, has taken a decisive step towards becoming a custodial service by applying for the necessary licenses. With these licenses, X could function more like reputable payment services like Venmo and PayPal, facilitating easy money transfers for users.
Here is my interview with @MyDogeCTO , the CTO and co-founder of @MyDogeOfficial , the self-custodial social Dogecoin wallet. Get to know Alex and discover how Dogecoin has captured hearts (including mine) with its fun spirit and strong community. With no cap on mining, it’s as… pic.twitter.com/aFygzgwn4t
— Fabrice Calmels (@fabricecalmels) December 18, 2023
Purchasing licenses is a big step because it allows X to implement crypto payment features. Following X’s August 2021 receipt of a Currency Transmitter License (CTL) from Rhode Island—a crucial step toward incorporating cryptocurrencies—comes with this development. Furthermore, Pennsylvania has granted the platform a money-transmitter license, allowing users to link their bank accounts directly to the X app.
Lewis highlighted that this would allow users to connect the X app to their bank accounts, providing the convenience of maintaining both conventional and Dogecoin (DOGE) balances simultaneously. Due to these two features, DOGE may become more widely accepted on the platform for tipping and payments.
The Impact on DOGE’s Price and Wider Adoption
Enthusiasts of Dogecoin (DOGE) are optimistic that the inclusion of DOGE in X will cause a spike in usage and, as a result, a significant rise in price. However, as the cryptocurrency market develops, DOGE will have particular difficulties staying relevant in the face of fierce competition from other digital assets.
Recently, the focus of the cryptocurrency community has switched to Dogecoin’s (DOGE) upcoming integration with X’s payment capability. Although the precise launch date is still unknown, MyDoge Wallet’s Chief Technology Officer (CTO), Alex Lewis, has sparked excitement and speculation about the potential impact on both DOGE’s price and adoption.
There is potential with the addition of Dogecoin (DOGE) to X’s payment feature, especially when it comes to price performance and general uptake. DOGE has had a difficult year recently, with its price increasing by just over 28% since the beginning of 2023.
In contrast, major cryptocurrencies like Bitcoin (BTC) have experienced substantial gains, with BTC surging by over 150% and Solana (SOL) rallying by an impressive 700% during the same period.
If X moves forward with the integration, DOGE may see a significant increase in popularity, which could result in a price increase. Supporters of DOGE find it alluring that millions of X users may have access to DOGE as a means of payment and tipping.
Dogecoin’s Price
Bulls have maintained Dogecoin’s price (DOGE) above $0.09, refusing to let it dip below the 20-day EMA ($0.09). This suggests robust buying support at lower levels.
With the 20-day EMA stabilizing and RSI near the midpoint, DOGE/USDT appears poised for sideways trading. The pair might fluctuate between the 50-day SMA ($0.08) and $0.11 in the short term.
Buyers aiming to take control must push the price past $0.11, potentially signaling an uptrend to $0.16. Conversely, a drop below the 50-day SMA could favor bears, potentially pushing the pair to $0.07.
