Dogecoin to the Moon?! Here’s Elon Musk’s “Crazy” Plan to Save X

Imagine a world where you can ditch multiple apps and get everything done on one platform – from sending money to your friend to catching up on the latest news or maybe even finding a date. That’s the future Elon Musk envisions for X, formerly known as Twitter. But hold on, there’s a wild twist: Musk wants to integrate Dogecoin, the meme coin that started as a joke, into X’s payment system.

Intrigued? Dive deeper to find out how X is shaping up to be the ultimate “everything app” and why Dogecoin might play a surprising role.

X Payments: The Future of Digital Transactions?

According to Bloomberg, Linda Yaccarino, CEO of X, has confirmed that the development of X Payments LLC is well underway. While specific details are still under wraps, documents submitted to state regulators hint at features similar to Venmo.

Musk has consistently emphasized the need for X to diversify its revenue streams beyond advertising, which has historically made up over 90% of its profits. His goal is for X to become the largest financial institution globally, leveraging payment services to boost user engagement and participation on the app.

Financial Struggles

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

Additionally, the company reported a $456 million loss in the first quarter of 2023. Despite these challenges, Musk’s vision remains undeterred, with him holding nearly 75% of X Holdings Corp., the parent company of X.

So, Where Does Dogecoin Come In?

At press time, Dogecoin was worth $0.121, having decreased by 10% over the past day. Its 50-period and 200-period moving averages are trending downwards, indicating a strong bearish trend. The price consistently stays below these averages, which act as dynamic resistance levels and reinforce the bears’ control.

However, recent movements show the MACD line crossing above the signal line, suggesting a potential bullish reversal or short-term pullback. Nonetheless, DOGE’s short-term outlook remains bearish.

The Road Ahead

Despite financial hurdles, Musk’s determination to transform X into a super app remains strong. By integrating Dogecoin and expanding into diverse functionalities, X aims to redefine how users interact with digital platforms. As the development of X Payments progresses, the world watches with bated breath to see how Musk’s vision unfolds.

Also Read : SEC Suspends its Investigation into Ethereum 2.0: Will This Be the Catalyst to Propell ETH Price to $4000?

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