Elon Musk, CEO of Tesla, has a significant influence on Dogecoin and several other Altcoins. His term as the head of the Department of Government Efficiency (abbreviated as DOGE) of the United States will officially begin in January 2025. Many are hopeful that Musk will bring positive changes to the cryptocurrency industry, one of which is the integration of Dogecoin into X Payments.
3 Digital Currencies That Could Rise If Elon Musk Adds DOGE to X Payments
Shiba Inu
Shiba Inu is currently one of the most trending meme coins alongside DOGE and PEPE. This token has proven its strength during corrections, especially when the cryptocurrency market enters any phase of excitement. If Musk manages to add Dogecoin as a viable payment method for X, this positive development could open up a wave of optimism in the memecoin market, and SHIB will be the name that benefits. This helps meme coins like SHIB attract more attention and significant traction.
Bitcoin
Musk's decision to add Dogecoin as a reliable payment method on X could open up a generally positive outlook for the cryptocurrency sector as a whole. This move could demonstrate a real use case for the cryptocurrency space, boosting Bitcoin's price in the process. It could usher in a new era for the digital currency market, driving new price surges and new project developments.
Ethereum
As a foundational blockchain, it lays the groundwork for many of today's top projects. The Ethereum ecosystem contains the majority of new cryptocurrency tokens and meme coins, and Musk adding DOGE as a payment option on X could encourage developers to create new meme coins on Ethereum. This spillover effect could help ETH soar, while also providing new momentum to the market through new tokens and use cases.