Enthusiasts of Dogecoin (DOGE) have eagerly anticipated the inclusion of the token in X’s payment functionality. Despite the absence of a confirmed timeline for DOGE’s potential integration into X, Alex Lewis, the Chief Technology Officer (CTO) of MyDoge Wallet, has recently provided some insights into the progress. During a conversation with Fabrice Calmels, Lewis disclosed that the social media platform has submitted applications for all required licenses to operate as a custodial service.
These licenses would enable the platform to function in a manner akin to PayPal or Venmo. Lewis emphasized that, “That is a money transmitter. It’s similar to PayPal Venmo Cash App, like all these apps that we know to send money, you can do that.“
In August 2021, X was granted a Currency Transmitter License (CTL) by the state of Rhode Island, enabling the platform to incorporate cryptocurrency payments. Additionally, X obtained a money-transmitter license from the state of Pennsylvania. These licenses empower users to link their bank accounts directly to the X platform.
Lewis went on to mention, “You can have your bank account connected to X app, and then you have a Dogecoin balance as well that you can use for payments and tipping in parallel, so I honestly believe this was coming.“
Dogecoin on the Rise? Exploring the Rally Scenario After X Integration
The performance of Dogecoin (DOGE) in 2023 has been marked by challenges, with the token experiencing a modest increase of approximately 28% since January. In contrast, Bitcoin (BTC) has witnessed a substantial surge of over 150%, while Solana (SOL) has rallied impressively by more than 700% during the same period.
The potential integration of Dogecoin into X’s payment feature could bring about a surge in adoption, which has the potential to significantly elevate DOGE’s price. However, there is no official confirmation from the social media platform regarding the timing of this integration. Elon Musk, the proprietor of X, is a prominent advocate for Dogecoin (DOGE), and it would not be unexpected to witness the widely recognized meme cryptocurrency find its way onto the platform.