Elon Musk's X platform may launch a payment function "X Money", which has triggered heated discussions in the market
Can Dogecoin become the preferred payment method? Every move of Musk has attracted much attention. The launch of "X Money" quickly detonated the market, especially Dogecoin (DOGE), which has become a popular payment candidate. Does this mean that Dogecoin will return to its peak?
The focus is on several potential highlights of X Money:
* X Money aims to integrate multiple payment functions, allowing users to seamlessly pay, transfer, trade, and even small rewards on the X platform, thereby subverting the traditional payment experience.
* Based on Musk's long-term favor for Dogecoin, the market generally believes that DOGE is very likely to become the core payment option of X Money, realizing its transformation from a "meme coin" to a practical cryptocurrency.
* In addition to cryptocurrency payments, X Money may also expand more functions based on Web3 and blockchain technology, such as NFT purchases, on-chain transactions, etc., which may become the focus of future development.
The impact on the market is:
* Once the news is confirmed, the market sentiment of Dogecoin will further rise, which may lead to large short-term price fluctuations, but it is also necessary to be vigilant about high risks.
* The success of X Money may promote the popularity of cryptocurrency payments and may lead other social platforms to follow suit, thereby accelerating the mainstream application of cryptocurrency payments.
* This will also intensify market competition. Other cryptocurrencies, such as Bitcoin (BTC), Ethereum (ETH), and even emerging Layer 2 solutions, may participate in this competition, thus reshaping the market landscape.
My opinion is:
* If Dogecoin is eventually established as a payment option, it will be a major event in the cryptocurrency field and may trigger a round of rising prices in the short term.
* From a technical point of view, however, whether the processing speed and transaction costs of Dogecoin can support large-scale applications remains to be further verified.
* Investors should pay close attention to the latest developments of X Money and the price fluctuations of related cryptocurrencies in order to make wise investment decisions.