Elon Musk sparks DOGE rally predictions amid X payment launch speculation
The potential integration of DOGE into X Money could play a pivotal role in its future growth
The speculation surrounding Elon Musk’s upcoming X payment platform is driving optimism in the crypto market, particularly for Dogecoin (DOGE).
Experts predict overcoming the resistance level of $0.40 and further growth of DOGE as the payment system X Money is set to launch.
Key takeaways
- X Payment System and DOGE Integration: The X platform, which Musk aims to develop into an "everything app," may integrate Dogecoin, fueling hope among investors. While X Money is expected to launch soon, regulatory hurdles remain, as the system is reportedly set to debut in the U.S. before it secures full approval in all states.
- Recent DOGE Price Surge: The speculation has already sparked a 20% surge in Dogecoin’s price over the past week, reflecting growing optimism.
- Predictions for DOGE: Investors are eagerly anticipating the potential inclusion of DOGE in Musk’s payment ecosystem, which could propel the meme coin to new heights. There has also been an increase in open interest in DOGE futures over the past few days.
Elon Musk's X Payment platform and DOGE integration
Elon Musk's vision for X as an "everything app" is starting to take shape, with speculations pointing toward a comprehensive payment ecosystem integrated into the platform. The X Money payment system is expected to become a major feature, allowing for digital transactions in various cryptocurrencies, including Dogecoin (DOGE).
Leaked reports suggest that Musk is planning a game-changing launch of X Money, which could allow users to transact with Bitcoin, Dogecoin, and other cryptocurrencies on a single platform. Linda Iaccarino, CEO of X, recently confirmed plans to introduce X Money by 2025.
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The payment system will likely be introduced without full regulatory approval in all U.S. states, which is expected to be a temporary hurdle. However, the platform is aiming to disrupt the traditional financial landscape, similar to how platforms like WeChat have transformed digital payments in China.
For Dogecoin, the integration into X Money could be a turning point, as Musk has long been a vocal supporter of the meme coin. Investors are hopeful that this partnership could send Dogecoin's value soaring, especially if the payment system becomes widely adopted, making DOGE an integral part of the broader digital economy.
Popular market expert Ali Martinez recently fueled these expectations, commenting on a post by WallStreetBets founder and highlighting Musk’s long-standing connection with DOGE. Martinez's remark, "It smells like DOGE in here," points to Musk's known support for the token and further stokes the belief that DOGE could play a central role in X Money.
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DOGE and its growth projections
The launch of Elon Musk’s X payment system could pave the way for a bullish future for Dogecoin (DOGE). The speculation around DOGE's role in Musk's ambitious payment platform has already sparked a surge in price, with the meme coin seeing a 20% increase in the past week.
However, despite these developments, the current DOGE price stands at $0.3833, showing a slight 0.7% decline for the day. It briefly touched a 24-hour high of $0.3909.
DOGE price dynamics. Source: Coingecko
Despite this dip, DOGE’s recent seven-day performance remains strong, with the coin still up by 20%.
Additionally, DOGE Futures Open Interest has been growing, signaling rising investor optimism about the cryptocurrency’s future prospects. These indicators suggest that even amid short-term fluctuations, DOGE could be positioning itself for a significant rally ahead.
Prospects for the future
With Musk’s involvement and his previous backing of Dogecoin, the speculation around the X payment system has sparked renewed enthusiasm among investors. The potential integration of DOGE into X Money could play a pivotal role in its future growth, driving further price gains and expanding its market influence.
In addition, Musk's recent activities, including changing his social media name to Kekius Maximus, have also contributed to this renewed optimism, as such moves often precede rallies in Dogecoin’s price.
