🔥 Elon Musk's Latest Move Boosts Dogecoin (DOGE) Investments by $800 Million 🤯
On a dramatic surge, Dogecoin (DOGE) witnessed a remarkable increase of $0.17, marking a 35% growth in just 72 hours following Elon Musk's recent actions.
Specifically, Elon Musk's X Payments LLC, a subsidiary of X responsible for peer-to-peer payment operations, secured three new licenses for money transmission activities on December 20, 2024. This strategic move fueled a surge in DOGE investments, reflecting an open position surge of $800 million since the license acquisition announcement.
The licenses obtained by X/Twitter's Paying LLC in New Mexico, Oregon, and Illinois bring the total approved states to 22. These licenses are essential for facilitating the sending and holding of customer funds, akin to popular platforms like PayPal, Venmo, and Cash App.
Elon Musk's background as the former CEO of PayPal underscores his understanding of business operations and regulatory processes, contributing to the strategic expansion of X into an all-encompassing "everything app" since acquiring the company in 2022.
While strong regulatory scrutiny presents challenges for offering money transmission services, the addition of three new states signals progress toward Musk's vision. With almost half of US states approving X's money-sending capabilities, there's a growing precedent that could streamline licensing processes and accelerate X's goal of providing pay services.
This positive development has notably contributed to a significant increase in Dogecoin's open positions by $800 million within a mere three days, demonstrating the substantial impact of Elon Musk's strategic maneuvers.
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