Dogecoin (DOGE) fans have long awaited the token’s integration on X’s payment feature. Although there has been no confirmation on when DOGE could make its way into X, MyDoge Wallet CTO (Chief Technology Officer) Alex Lewis recently shed some light on the development.
While speaking with Fabrice Calmels, Lewis said the social media platform has applied for all necessary licenses to become a custodial service. The licenses would make the platform perform similarly to PayPal or Venmo. Lewis stated, “That is a money transmitter. It’s similar to PayPal Venmo Cash App, like all these apps that we know to send money, you can do that.“
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In August 2021, X received a Currency Transmitter License (CTL) from Rhode Island state. The license allows X to add crypto payments. The platform also received a money-transmitter license from the state of Pennsylvania. The licenses will allow users to connect their bank accounts directly to X.
Lewis further stated, “You can have your bank account connected to X app, and then you have a Dogecoin balance as well that you can use for payments and tipping in parallel, so I honestly believe this was coming.“
Will Dogecoin (DOGE) rally after an X integration?
Dogecoin’s (DOGE) price has struggled for most of 2023. Since January, the token’s price has risen by only about 28%. Bitcoin (BTC), on the other hand, has surged by over 150%, and Solana (SOL) has rallied by over 700% in the same time frame.
Also Read: Dogecoin (DOGE) Price Prediction: December End 2023
If X’s payment feature includes Dogecoin (DOGE), we may see a surge in adoption. A rise in adoption could significantly increase DOGE’s price. However, we do not have any confirmation from the social media platform on when the integration could occur. Elon Musk, the owner of X, is one of the biggest proponents of Dogecoin (DOGE), and it won’t be surprising to see the popular memecoin make its way to the platform.