On January 20, after the official XPayments account appeared on X (formerly Twitter), DOGE and FLOKI coins showed 15% and 21% growth, respectively. It was fueled by speculation around the expectation of adding cryptocurrency payment integration to X. Elon Musk and X have not yet made any official comments on this profile, but its follower count has passed 110,000 subscribers just in two days.
X payments: a step towards the "everything app"
Elon Musk bought Twitter in April 2022. Almost immediately, he outlined his plan—to turn the social network into an "everything app" that would include video calling, streaming, financial tools, and more.
Payments integration is one of the most anticipated updates in X. For this, the company is getting licences in different states in the USA. Some of them allow companies to work with cryptocurrencies.
According to a recent press release, "2024 will be transformational" for the company. Among other plans for this year, it lists the launch of peer-to-peer payments. X and Elon Musk have not given much comment, but we can be sure that the launch of an official profile with the nickname "XPayments" and a special icon denoting the company's affiliation is a sign of the service's imminent launch.
There has not been a single tweet on this profile yet, but it has managed to attract the users’ attention. In just two days since the registration, the number of followers has exceeded 110 thousand. Particularly, it has attracted the attention of the crypto community.
XPayments and crypto: what to expect
Elon Musk is a fan of cryptocurrencies, especially Dogecoin. He has mentioned it many times, both in his profile and on TV. After the Twitter purchase, the cryptocommunity is seriously waiting for the integration of crypto into the social network. But it probably will not happen anytime soon.
Perhaps, the company will launch fiat money transactions first after obtaining the necessary licences. Only then we should expect that this feature will not be immediately available in all countries. Also, there is no mention of crypto in the aforementioned plans for 2024.
On the other hand, Elon Musk was adding the acceptance of DOGE and BTC as means of payment at Tesla, but later suspended these offers. So, the billionaire may figure out how to add crypto to X sooner rather than later.
Remember, Elon Musk said in August that X would not be launching its token, so avoid scams.
However, the appearance of an official Payments account in X led to speculative growth in two coins — DOGE and FLOKI.
DOGE and FLOKI rose by more than 15%
The hype surrounding the appearance of the Payments account in X emerged on December 20. DOGE quickly rose 15.8% from $0.0785 to $0.09.
Now, the memecoin’s price is back to its pre-pump values, and it is currently trading at around $0.07753. This drawdown is due to Bitcoin's drop to $39,000 today. At the moment, DOGE's capitalization is $11 billion, which makes it the 9th cryptocurrency.
In addition to DOGE, another memecoin, FLOKI, has also grown.
Recall that FLOKI is a dog-themed memecoin that appeared in the summer of 2021 and is named after Elon Musk's dog Shiba Inu. The billionaire's tweets with photos and mentions of his pet have repeatedly inflated the token's exchange rate.
In more than two years, the project has grown its ecosystem, and now FLOKI is not only a memecoin but it also has its own NFT metaverse game called Valhalla, crypto education platform Floki University, and NFT marketplace FlokiPlaces.
Amid the news about that Payment account on X, FLOKI's price rose 21% from $0.00002926 to $0.00003547.
However, the FLOKI's price also did not resist the market decline either, and the current rate is $0.00002822.
Be careful when investing in memecoins; they are very volatile and unstable. Allocate only a small part of your funds to them.
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