Elon Musk Announces X Money Launch in April, DOGE Gains 4.2%

On March 10, Elon Musk, the Executive Chairman at X (formerly Twitter), announced that the platform will begin early public access for its remittance system, X Money, in April.

X Money will be the platform’s native custodial wallet, allowing users to link to their bank accounts for peer-to-peer transactions and bill payments. Other benefits will include 6% yield on balances and cashbacks through physical or virtual debit cards.

The system will operate in partnership with the payments technology provider Visa and use licenses from over 40 US states. Initial operations will utilize fiat, with plans to incorporate cryptocurrencies later in the year.

X Money and Dogecoin integration

Musk has repeatedly stated his intentions for X to be a “central source of all monetary transactions” or an “everything app.” 

In line with this, X Money has begun rolling out real-time stocks and cryptocurrency trading directly into users’ feeds via “Smart Cashtags” such as $BTC for Bitcoin, and $ETH for Ethereum. 

The platform’s partnership wth Visa will also enable instant global remittances using the USDC stablecoin.

So far, there have been no explicit mentions of Dogecoin’s incorporation into X Money. However, the possibility exists because of the billionaire’s liking of the coin, and his statement of personal holdings in BTC, ETH, and DOGE. The virtual currency is also likely to be one among many possible holdings for users of the platform’s upcoming crypto wallets.

Critics are currently mostly concerned about the possible freezing of funds for flagged accounts.

DOGE price analysis

At writing time, DOGE was trading at $0.09479, having gained 4.16% in the last day following Musk’s announcement.

Source: CoinGlass

The break from recent consolidation and market-wide price falls has seen short seller liquidations mount to $3.94 million, according to CoinGlass. Facing a short squeeze, short sellers have been forced to buy back into the meme coin, adding fuel to the prevailing rally.

Source: CoinGlass

In the near-term, if DOGE remains above the $0.090 support level, it could retest the $0.0950-$0.0972 resistance range. Failure to do so would risk a drop towards $0.088.