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- Elon Musk’s X is set to integrate cryptocurrency payments, with many speculating that Dogecoin will be at the center of its payment structure.
- Although DOGE has come under intense pressure from up-and-coming memecoins such as Shiba Inu, it remains far more successful.
Dogecoin (DOGE) could offer the most incredible investment opportunity in the crypto market in the coming months. Initially created as a joke by Jackson Palmer and Billy Markus in 2013, Dogecoin has become a serious cryptocurrency. The altcoin owes some of its success to the world’s richest man, Elon Musk. For the last couple of years, Musk has been a Dogecoin fan, going as far as proclaiming himself as “The Dogefather.”
Musk has already integrated Dogecoin into his electric car company Tesla. This means DOGE can be used to buy certain merchandise on its website. The CEO has also confirmed in the past that he personally owns DOGE. But while the company holds Bitcoin (BTC) in its reserves, it is yet to confirm if it has DOGE. Furthermore, Tesla has yet to make public the sales made in DOGE.
Elon Musk’s support for Dogecoin has driven the adoption of the project and boosted the price be it temporarily. However, it has also led to accusations of price manipulation from some investors. An ongoing lawsuit against the Tesla CEO accuses him of accumulating loads of DOGE, propping the project through his X (formerly Twitter) account before dumping the loads at a greater profit. Musk’s lawyers insist that the said wallets do not belong to the billionaire.
Read More: Dogecoin Lawsuit Drama: Dogecoin Investors Fight Back Against Elon Musk’s Lawyers ‘Dirty Tactics
While many are calling for transparency on the matter, a majority of investors are concerned that this case could result in Musk ceding his support for the project, at least publicly.
Will Dogecoin Become the Native Currency of Elon Musk’s X?
As CNF reported, Elon Musk wants to make X into an ‘everything app.’ Elon Musk is set to transform Twitter into a comprehensive platform for payments and financial services. This means that like WeChat, X will be able to process payment transactions, book flights, and hotels, buy groceries and bills, and access and download other apps.
Musk who has publicly admitted that money in its current form is outdated is likely to adopt a new means of payment. He believes that there’s so much great about crypto and they can easily become the new form of money. Among the crypto, it is clear that his favorite is Dogecoin. As he builds his new Everything app, it is most likely that Dogecoin will be central and could become the native currency.
At the time of press, 8th ranked Dogecoin is trading for $0.062 with a less than 1 percent change in the last 7 days. At this price, the token offers early investors a chance to accumulate ahead of a possible positive development that promises to send DOGE to the moon.
