As the Dogecoin (DOGE) community knows, over the past four years, Tesla and SpaceX CEO Elon Musk has been a strong vocal supporter of the highly popular meme-based cryptocurrency, which may have started life as a joke but is today a top 10 cryptocurrency (by market cap).
Yesterday, CryptoGlobe reported on DOGE’s recent 10% price surge amid speculation about its use for payments in Musk’s X platform (formerly known as Twitter). Per a report by Cointelegraph, this price surge coincided with a subtle tweak in Musk’s Twitter bio following the platform’s rebranding to “X”. Musk’s profile location now displays an “X” and a “D”, with the “X” alluding to Twitter’s new identity and the “D” widely interpreted as a nod to Dogecoin.
At this point, it is worth mentioning that four years ago is when Musk first declared his fondness for Dogecoin:
The speculation around Dogecoin’s potential future use in X was stoked further by Real Vision CEO Raoul Pal, who proposed that Musk might leverage Dogecoin for global payments for creators on the platform. Pal argued that Dogecoin could help Musk sidestep securities laws, thereby minimizing execution risk.
Amidst these developments, pseudonymous crypto analyst “Kaleo” has shared his perspective. According to Kaleo, Elon Musk may take a few more days or even weeks to reveal his plans for integrating DOGE into X. Kaleo also anticipates that DOGE might experience a cooling-off period in line with the rest of the market. This is because traders are often impatient and desire immediate results. The excitement generated by rumors and hope can only sustain the market for so long, especially in a bear market.
Despite this, Kaleo advises traders to continue accumulating DOGE during any dips that may occur. He believes that the charts for DOGE continue to look promising, even if a minor correction occurs.
Musk has plans to transform X into a super app, similar to China’s WeChat, and he has even stated that he expects X to become half of the global financial system over time.
If DOGE becomes a form of payment in this future version of X and Musk’s vision for X materializes, it could have a profound impact on the price of DOGE. And that is why the Dogecoin community is impatiently waiting for an announcement from Musk about some kind of integration of DOGE into X.
