Dogecoin Soars as X Announces Plans for Peer-to-Peer Payments

• The popular memecoin Dogecoin has reacted positively to a new update that community members are convinced will boost long-term adoption.                                                                          
• In its most recent blogpost, X revealed that in 2024, it will work towards integrating peer-to-peer payments to the social media platform.

The new year is kicking off smoothly for Dogecoin, the most valued memecoin by market cap. The asset has seen gains soar following a recent announcement from X, which is notably affiliated with Elon Musk, a longtime Dogecoin proponent.

In an official blog post shared by X, also known as Twitter, the company revealed plans to elevate the microblogging platform in the new year.

“In 2023, we laid the groundwork for the global town square, and in 2024, that vision will come alive.” The announcement reads.

The app now rebrands as a video-first platform, as video consumption is becoming more and more popular amongst its users. Amongst other significant developments, the post revealed that the company will be introducing a payment option to the platform.

“We will launch peer-to-peer payments, unlocking more user utility and new opportunities for commerce, and showcasing the power of living more of your life in one place.” The announcement read.

The cryptocurrency market has reacted positively to this revelation. Many believe that the announcement signals a potential integration of digital currencies into the platform in the near term. Dogecoin also saw its daily price value soar briefly in response to the announcement.

Can Dogecoin make it to X in the coming months?

It bears mentioning that Elon Musk, upon occupying the position as the new CEO of X, hinted at cryptocurrencies being made accessible to X users.

However, in a more recent interview from 2024, Musk revealed that the idea was no longer appealing to him, while also stating that payment might launch in mid-2024. However, if Dogecoin makes its way to X, more than 400 million users worldwide could gain access to the asset. This would in turn increase adoption for Doge and potentially boost price value.

Musk has touted the memecoin for years, after revealing that Dogecoin is one of the most promising memecoins in the market. Musk has previously disclosed that he purchased some Dogecoin tokens. Not only did he previously endorse Dogecoin as an asset for the people, but he also hinted that the memecoin could become a currency on Mars.

At the time of this report, Dogecoin is trading for $0.07946. Doge is currently one of few altcoins trading in the green zone, as hourly and daily gains soar. The memecoin is also continuously outperforming some of its longest-standing rivals, including Shiba In (SHIB).

Trading volume and market cap are also recording a daily increase. Despite its current performance, Doge is still down by 89% from its 2015 all-time high of $0.7376.