Is Elon Musk Considering Dogecoin for X-Fee Transactions?

Juhi Mirza
Dogecoin Surges as X (Twitter) Obtains License Required For Virtual Currency

The owner of social media platform X, Elon Musk, is back with another notable update. In a recent announcement, Musk shared that X will start charging a small fee to curb the rampant bot activity on the platform, fueling the Dogecoin payment narratives to new levels.

Tesla supremo Musk has long been known as a staunch Dogecoin proponent and has shown his adoration for the token from time to time. The new announcement spurred an influx of Dogecoin payment rumors, triggering speculation on whether Doge could be one of the tokens that X could accept in the near future.

Also Read: Dogecoin Forecasted To Reach $5.03: Here’s When

Dogecoin and X: What’s Happening

Dogecoin Army Buzzing with Anticipation After Elon Musk's Tweet
Source: The Indian Express

The social media users on X had a field day yesterday after the announcement made by Tesla CEO Elon Musk. In a new turn of events, Musk shared that X will now start charging a small fee to curb the rife bot activity on the platform. While some social media users praised Musk’s fee decision, others were noted expressing their skepticism, adding how Musk is tanking X’s popularity by making rash decisions.

However, the development also gave birth to a new speculative spree involving Dogecoin payments. Soon after the announcement went viral on X, several social media enthusiasts started reposting the announcement with the hashtag #doge. The move was dubbed suggestive in nature, implying the possibility of Musk considering doge for X fee payments.

Some users were quick to predict Dogecoin’s integration with X. They claimed that Musk’s fondness for Doge could materialize by integrating the token as a payment option for this new fee narrative.

Musk’s Likeness for DOGE

This isn’t the first time Musk’s tweet has sparked an array of speculations and rumors to spread amuck.

The Tesla chief is known to make Dogecoin-centric tweets that have indirectly impacted Doge, pushing its price to touch new levels. Musk had earlier expressed his intent to use Doge as a payment for X. The development led X users to explore several use cases for Doge, including embedding the token as the latest payment option on X.

Price Analysis

At press time, Dogecoin is up 0.15% in the last 24 hours.

Per CoinCodex, the token may shed 15% by May 16, trading at $0.13, denoting a bearish stance.

Also Read: Dogecoin Down Nearly 20%, Will It Rebound On The Weekend?

“The price of Dogecoin may drop by -13.65% and reach $0.135422 by May 17, 2024. Per our technical indicators, the current sentiment is bearish, while the Fear & Greed Index is showing 67 (greed). Dogecoin recorded 14/30 (47%) green days with 12.55% price volatility over the last 30 days.”