Dogecoin’s prospects of becoming an official payment processor on X

• Elon Musk reinforces hope in Dogecoin doubtlessly getting used to facilitate X funds.
• DOGE holders preserve their place regardless of short-term stress.

Twitter’s current rebranding to X triggered the eye of the Dogecoin neighborhood. This was due to hypothesis that the day that DOGE turns into a funds processor for the microblogging platform is drawing nearer.

Is your portfolio inexperienced? Try the Dogecoin Profit Calculator

The neighborhood has been hoping that the Dogefather himself, Elon Musk would incorporate Dogecoin into Twitter earlier than it was rebranded. Now the rebranding presents an opportunity for the social platform to evolve. It was thus attention-grabbing when Elon Musk not too long ago talked about in an interview that DOGE may very well be used to pay for content material.

Will #Dogecoin turn out to be the official foreign money of 𝕏?pic.twitter.com/A4aJuXTxIZ

— LunarCrush (@LunarCrush) August 5, 2023

For context, Musk was in a dialogue throughout which he explored means by means of which non-subscribers can entry content material. It due to this fact didn’t represent affirmation of plans to make use of DOGE for that objective. Nonetheless, it didn’t cease Dogecoin followers from getting excited.

Dogecoin bulls take over after Elon’s assertion

That pleasure is especially evident in DOGE’s price action which managed a 4.64% uptick within the final 24 hours on the time of writing.  The cryptocurrency had been on a downward trajectory in the previous few days. It exchanged arms at $0.074 on the time of writing.

Supply: TradingView

The market’s response highlights a doubtlessly main catalyst for Dogecoin if X adopts Dogecoin as a way of funds on its community. However will that turn out to be a actuality? Effectively, the truth that Elon Musk used it for instance could point out that he and his X group have been contemplating it. Additionally, the most recent upside is likely to be sufficient to push DOGE again onto the bullish trajectory that it maintained since June.

Dogecoin maintains optimistic investor sentiment

Though Dogecoin has skilled vital draw back within the final 7 days, it maintained a bullish sentiment. That is evident by the weighted sentiment’s regular upside which signifies that almost all analysts preserve expectations. The identical applies to the derivatives phase which maintained a optimistic funding charge for the final 3 weeks.

Supply: Santiment

Examine Dogecoin’s price prediction for 2023/2024

Dogecoin’s imply coin age has additionally sustained a gradual upside within the final 4 weeks. Affirmation that almost all DOGE holders have been nonetheless hodling their cash despite the fact that merchants have been specializing in short-term positive factors.

Though it maintained an total bullish trajectory within the final 2 months, Dogecoin has additionally been affected by the gradual market situations. This was evident within the low quantity for almost all of the time within the final 4 weeks.

Supply: Santiment