What is X Payments?

To date, details about X Payments remain under wraps. Even the upcoming platform’s social media profile, @XPayments, has yet to release a single post.

However, hints from Elon Musk, as well as insider information and speculations, suggest that it will serve as X’s dedicated payment system—as its name implies. It is hyped as a crucial element in the transformation of X into an “everything app.”

Despite its strict code of silence over the matter, X has already acquired money transmitter licenses across 26 states in the US.

X Payments Approval (Source: Nationwide Multi-State Licensing System or NMLS)

X Payments’ Dogecoin Support

Among X Payments’ plethora of features include support for cryptocurrency payments for mainstream coins like Bitcoin (BTC) and Ethereum (ETH). Dogecoin’s inclusion is also a major possibility for several reasons.

First, Musk has been very vocal in his support for the dog-themed meme coin over the years. This even led to Tesla accepting DOGE as payment for some of its merchandise. Then, there’s a strong likelihood that the automaker will extend the support for the crypto in the purchases of its electric vehicles (EV), too. Furthermore, the billionaire entrepreneur has confirmed in the past that his group of companies will not be developing their own cryptocurrency.

Therefore, it stands to reason that the adoption of DOGE makes perfect sense for X at this rate.

Dogecoin Now

Dogecoin tends to ride in the coattails of Bitcoin. With the lack of key price actions in the world’s leading cryptocurrency by market cap, not much can be said regarding the meme coin’s current movements.

Not even the impending verdict on spot Ether exchange-traded funds (ETFs) in the US is significantly affecting the prices of Bitcoin and mainstream altcoins. It seems everyone has taken a wait-and-see approach regarding the subject up to this point.

As of today at 5:35 AM, DOGE is trading around the $0.15 range, which shows only more than a 1% loss in its price over the last 24 hours. The trading volume of the OG meme coin also rose by only 13.60% within the timeframe as $841.68 million worth of DOGE moved between wallet addresses.

DOGE to USD

Zooming out the charts, however, reveals DOGE’s strong recovery in the past seven days. The crypto is still 10% up within this period as its prices moved between the zone just above $0.13 and a bit below $0.16 during the week.

DOGE appears to be mainly mirroring Bitcoin and Ether’s trajectories for now. This is despite the anticipation of its potential adoption in X Payments and Tesla. Nonetheless, it’s just a matter of time until an announcement from Musk or X could turn the dog into a bull.