Dogecoin Finds Major Bullish Catalyst in Elon Musk X Payments

Dogecoin Finds Major Bullish Catalyst in Elon Musk X Payments

The post Dogecoin Finds Major Bullish Catalyst in Elon Musk X Payments appeared first on Coinpedia Fintech News

Elon Musk’s grand vision for X, formerly known as Twitter, includes transforming the platform into an all-encompassing app, complete with payments, audio and video calls, news, and even dating. What is the most intriguing part of this ambitious project? The integration of Dogecoin, the popular meme coin Musk has often championed, into X Payments.

According to Bloomberg, Linda Yaccarino, CEO of X, has confirmed that the development of X Payments LLC is well underway. While specific details remain scarce, documents submitted to state regulators reveal plans for features similar to Venmo.

Musk has repeatedly emphasized the need for X to diversify its revenue streams beyond advertising, which has historically accounted for over 90% of its profits. He wants X to become the largest financial institution globally, leveraging payment services to improve user engagement and participation on the app.

Financial documents submitted to regulators highlight the company’s struggles since Musk’s acquisition in late 2022. Revenue for the first half of 2023 fell to $1.48 billion, down nearly 40% from the same period in 2022. 

The company also reported a $456 million loss in the first quarter 2023. Despite these challenges, Musk’s vision remains undeterred, with him holding nearly 75% of X Holdings Corp., the parent company of X. At press time, DOGE was worth $0.121 and has decreased 10% over the past day. 

DOGE’s 50-period moving average and the 200-period moving average are trending downwards at the moment, indicating a strong bearish trend. The price consistently stays below these averages, which acts as dynamic resistance levels and reinforces the bears’ control. 

Even still, recent movements show the MACD line crossing above the signal line, indicating a potential bullish reversal or pullback in the short term. But all in all, DOGE’s short-term outlook is pretty bearish.