Elon Musks X Payments Provides Dogecoin with Significant Bullish Boost

Elon Musk has a bold vision for X, the rebranded Twitter, which involves turning it into a comprehensive app with features like payments, audio and video calls, news, and dating. One of the most exciting aspects of this ambitious plan is the integration of Dogecoin, a favorite meme coin of Musk’s, into X Payments.

CEO of X, Linda Yaccarino, has confirmed the progress of X Payments LLC, with documents indicating similarities to Venmo. Musk is keen on diversifying X’s revenue streams beyond advertising, which has traditionally made up the majority of its profits. He envisions X becoming a major financial institution globally, using payment services to boost user engagement on the platform.

Financial reports reveal the struggles X has faced since Musk’s acquisition in late 2022, with a significant drop in revenue and a substantial loss in the first quarter of 2023. Despite these challenges, Musk remains committed to his vision, owning a large stake in X Holdings Corp. Currently, Dogecoin is valued at $0.121, with a 10% decrease in the past day.

Technical analysis shows that DOGE’s moving averages are trending downwards, indicating a strong bearish trend. While there are signs of a potential bullish reversal in the short term, the overall outlook for DOGE remains bearish.

Tags: Dogecoin (DOGE)