• Social media platform X, formerly known as Twitter, plans to launch a peer-to-peer payment system in 2024, sparking speculation about Dogecoin integration.

• Elon Musk, X’s influential figure, continues to support Dogecoin, aligning with X’s potential move into cryptocurrency transactions.

In an announcement, social media platform X (formerly Twitter) has unveiled its ambitious plans for 2024, setting the stage for a potential transformation in how users connect, communicate, and transact on the platform. The key highlight of this announcement is the impending launch of a peer-to-peer payment system, a move that has triggered speculations about the integration of Dogecoin (DOGE) payments on X.

As 2024 unfolds, X has declared its intention to bring about changes and innovations. Building upon its successes in 2023, which included the introduction of an AI-powered search assistant named Grok and an ad revenue-sharing program for content creators, X is now poised to delve deeper into the realm of commerce.

The most noteworthy revelation in X’s announcement is the upcoming launch of a peer-to-peer payment system within the platform. This move aims to enhance user experiences by consolidating various functionalities into a convenient platform. By enabling peer-to-peer payments, X aims to empower its users to conduct transactions seamlessly without needing external payment solutions.

Dogecoin Enthusiasts’ Hopes Soar

The news of X’s impending peer-to-peer payment system has ignited optimism within the Dogecoin community. Prominent Dogecoin influencer TOPDOGE007 has voiced the sentiment that it would not be surprising to witness the integration of Dogecoin payments on X. Given billionaire Elon Musk’s strong backing of Dogecoin and his previous expressions of interest in incorporating DOGE payments on X, expectations are running high.

In 2023, X took significant strides toward becoming a payments facilitator, obtaining multiple licenses that allowed it to operate in various U.S. states. Elon Musk, the driving force behind X, has articulated his vision of making the platform a preferred hub for digital payments. He has even gone so far as to suggest that X could eliminate the necessity of a traditional bank account for users to engage in transactions.

Alex Lewis, the Chief Technology Officer (CTO) of MyDoge Wallet, shares the optimism surrounding the potential integration of Dogecoin payments on X. Lewis highlights X’s prior efforts, such as obtaining licenses to allow users to maintain a balance, as an indicator of the platform’s readiness for cryptocurrency integration. If Dogecoin payments become available on X, users can hold both DOGE and traditional currency balances within the platform.

Musk Affirms His Dogecoin Holdings 

Additionally, Elon Musk has recently confirmed his ongoing investment in the meme-inspired cryptocurrency, Dogecoin (DOGE), alongside his aerospace manufacturer and space transport services company, SpaceX’s, holdings in Bitcoin (BTC). 

This revelation was made during a discussion on X Space, underlining Musk’s consistent endorsement of these digital assets. The billionaire, often dubbed the ‘Dogefather’ by the Dogecoin community, has not wavered in his support for DOGE, alongside other major cryptocurrencies like BTC and Ethereum (ETH).

Current State of Dogecoin and Doge Whales

Dogecoin has experienced a noticeable downturn in its market value. The past week alone saw a 2% decline in price, settling at around $ 0.079. Notably, in the last 24-hours, dogecoin saw an increase of 0.80%. Despite this, the cryptocurrency maintains a significant market capitalization, currently at $11.29 billion. This recent dip reflects a broader trend of volatility in the cryptocurrency markets, a sector known for its rapid fluctuations and speculative nature.

A notable shift in Dogecoin’s investor base has been observed amid this downturn. The number of active addresses has seen a steep decline of 36.8%, indicating a drop in investor participation and confidence. This decline, from an average of 217,000 to 137,000 active addresses, suggests a cautious approach from smaller investors, possibly due to fears of continued losses.

However, in contrast to this reluctance, Dogecoin ‘whales,’ investors holding substantial amounts of the cryptocurrency, demonstrate a different strategy. These large-scale holders have accumulated more DOGE, adding over 140 million units, valued at approximately $10.7 million, to their portfolios in just two weeks. 

Their total holdings are now amassed to a staggering 10.1 billion DOGE. The actions of these whales are critical to the cryptocurrency’s market dynamics, as they hold a significant portion of the circulating supply. Historically, their investment patterns have played a pivotal role in influencing Dogecoin’s price trajectory, with their buying activities often triggering market rallies and their sell-offs leading to price corrections.