Dogecoin Eyes $0.50 Breakout as Elon Musk Pursues $44B Funding for X
The post Dogecoin Eyes $0.50 Breakout as Elon Musk Pursues $44B Funding for X appeared on BitcoinEthereumNews.com.
Dogecoin (DOGE) saw a modest uptick mid-week, rising 0.30% to approach the $0.26 level. This gain follows reports that Elon Musk is in discussions to raise funds for X at a valuation of $44 billion—the same price he paid for the platform formerly known as Twitter in 2022. The news has rekindled market speculation about Dogecoin’s potential role in X’s evolving financial ecosystem. Musk has a long history of securing major funding for his ventures, including Tesla, SpaceX, and xAI, his artificial intelligence startup currently seeking a valuation of up to $75 billion. With X exploring fresh financing, crypto traders are eyeing its possible effects on DOGE, which has often reacted to Musk’s business decisions. X’s Financial Push and Dogecoin’s Potential Role Musk’s ambition to turn X into an “everything app” includes a financial component, a vision he has outlined multiple times. In March 2024, X Payments LLC, the financial arm of X, secured additional money transmitter licenses in New Mexico, Oregon, and Illinois, bringing its total approvals to 22 U.S. states. These licenses would allow X to function similarly to PayPal or Venmo. According to sources familiar with the matter, X is reportedly seeking to secure funding from investors at a valuation of $44 billion. Source: BloombergTV via X Given Musk’s past as PayPal’s CEO, he is no stranger to navigating the regulatory landscape of digital payments. With speculation mounting over the potential introduction of crypto transactions on X, Dogecoin supporters are hopeful that the meme-based cryptocurrency could become a part of the platform’s financial framework. Musk’s continued endorsement of DOGE fuels this belief, with many traders seeing DOGE as a speculative bet on X’s financial future. Dogecoin Price Action and Key Resistance Levels Technically, Dogecoin is exhibiting the initial stages of a reversal of a bullish nature. The…
Filed under: News - @ February 21, 2025 3:28 pm