Following an insider’s tip that Dogecoin (DOGE) would soon be included in Elon Musk’s social networking site X Payments, the Dogecoin army is yapping with delight. A closer examination indicates that a reality check is necessary before Doge takes off for the moon.
Dogecoin Adherents Celebrate After an Insider Tweet
When “DogeDesigner,” an insider with ties to Dogecoin and X, tweeted about a possible late 2024 debut of X Payments with DOGE support, it lit a fire under the Doge community. Regular users and cryptocurrency enthusiasts were excited to see the meme coin take center stage on the well-known platform, which triggered a surge of enthusiasm.
But Musk Says Nothing: Will Doge See X’s Light?
There had already been rumors of a marriage between Doge and X. Similar rumors have repeatedly sparked the crypto community’s unrelenting confidence, especially from those wearing Doge avatars.
However, Musk, the monarch who loves Doge and wields an X, has remained strangely quiet. Even though he hasn’t explicitly stated that he opposes DOGE’s inclusion, obtaining an official statement from him is still challenging.
The Doge army remains upbeat despite the absence of confirmation. X Corporation’s recent purchase of licenses, which enabled them to accept Bitcoin payments in particular US jurisdictions, is driving their unshakeable optimism. The cryptocurrency community is ablaze with conjecture over this intriguing move, with many seeing it as a possible first step towards accepting DOGE for payments.
We Need to Take a Reality Check
A healthy dose of reality is still required despite the excitement. First, Musk has repeatedly made it clear that neither X nor any of his businesses want to produce their own cryptocurrency. This position directly reacted to rumors of a potential “X coin” and frauds that preyed on unsuspecting investors. This move is probably influenced by the US Securities and Exchange Commission’s current investigation of cryptocurrencies.
Second, DOGE needs to be assured that it will be selected, even though X Payments accepts cryptocurrencies. For X, there may be a few more well-known cryptocurrencies with higher market capitalizations and more excellent traction.
Doge Army’s Unwavering Hope
Known for their unwavering loyalty, the Doge army seems OK with these challenges. They hope that because of Musk’s prior fondness for the joke coin, DOGE will be recognized as payment on X. It remains to be seen if their unwavering optimism will pay off or if their dreams of a Doge-powered X will be dashed.
Will Dogecoin’s next moonshot be launched from X Payments, or will it be another example of Doge’s dreams postponed? Musk and the constantly changing regulatory environment surrounding cryptocurrencies are key to the solution.
