Dogecoin (DOGE) enthusiasts eagerly anticipate the integration of the token into X’s payment feature. Although the timing remains unconfirmed, Alex Lewis, the CTO of MyDoge Wallet, recently provided insights into the progress. During a conversation with Fabrice Calmels, Lewis revealed that the social media platform has applied for the necessary licenses to operate as a custodial service, allowing it to function akin to platforms such as PayPal or Venmo. Describing the functionality, Lewis stated, “It’s a money transmitter, similar to PayPal, Venmo, or Cash App – enabling users to send money seamlessly.”
In August 2021, X obtained a Currency Transmitter License (CTL) from Rhode Island, enabling the integration of crypto payments. Additionally, the platform secured a money-transmitter license from Pennsylvania, allowing users to link their bank accounts directly to X.
Lewis elaborated, “You can connect your bank account to the X app, maintaining a Dogecoin balance for seamless payments and tipping. This development was anticipated.”
Will Dogecoin (DOGE) Surge After Integration with X?
Throughout 2023, Dogecoin’s (DOGE) price has faced challenges, registering a modest 28% increase since January. In contrast, Bitcoin (BTC) has experienced a remarkable surge of over 150%, while Solana (SOL) has rallied by an impressive 700% during the same period.
The potential integration of Dogecoin (DOGE) into X’s payment feature could drive adoption, potentially leading to a significant price increase. Despite Elon Musk, X’s owner, being a vocal supporter of Dogecoin, there is currently no official confirmation from the social media platform regarding the integration timeline. The inclusion of this popular memecoin on the platform wouldn’t be surprising given Musk’s advocacy.
