X (Twitter) new payment account Dogecoin (DOGE) activates 10%

Social networking giant X, formerly known as Twitter, has set up a dedicated account on the platform, paving the way for the upcoming payment feature.

This strategic move has sparked a bullish trend for Dogecoin, a popular memecoin in the cryptocurrency market.

X payment feature

The newly created label X Payments primarily features a gold certification badge and the distinctive X logo, signifying its association with the platform. Despite the lack of posts, the account has accumulated more than 73,000 followers as of the latest update.

This development is in line with X's broader strategy to introduce a payment feature on the platform later this year. The company aims to provide peer-to-peer payments that improve user experience and create new business opportunities. Recent reports hint that behind-the-scenes influencer Elon Musk may launch this feature in mid-2024.

Licensed in several US states, X is positioned to facilitate peer-to-peer payments and other money transfers, mirroring services offered by giants like PayPal. These licenses come as Musk looks to transform X into an “everything” model of the likes of Tencent's WeChat.

Dogecoin responds positively

The announcement of the X payment feature had a huge impact on Dogecoin. Many members of the crypto community are speculating about potential uses for DOGE in the platform.

Musk's favorable stance toward Dogecoin is particularly fueling speculation. This is evident in the fact that Tesla accepts DOGE as a payment method for its products and mentions it on Tesla's futuristic looking CyberTrack Code page.

However, neither X nor Elon Musk have clearly outlined whether the peer-to-peer system will support traditional fiat currency or cryptocurrency payments. But widespread sentiment leans toward the latter, given Musk's pro-crypto leanings.

Read more: (DOGE) Dogecoin Price Prediction 2024

Meanwhile, speculation surrounding Dogecoin's potential merger has translated into higher prices over the past 24 hours. Currently, the token is trading around $0.085, which shows a 10% growth from BeInCrypto price data.

“Now Dogecoin is struggling with the resistance level of $0.09. Will the bears or the bulls win? I believe we will hit the resistance 4 more times and break above it… All this happened because of the Xpayment announcement,” wrote a prominent technical analyst.