The tech billionaire has repeatedly reiterated his support for Dogecoin (DOGE) despite legal charges accusing him of price manipulations and insider trading.
Musk intends to create a Western version of WeChat from China by transforming Twitter into X platform.

Tech entrepreneur and serial angel investor Elon Musk has finally announced the transition of Twitter as a social media network to his envisioned Web3 platform dubbed X. As of Monday, Musk had changed his profile picture to an X logo and his status to x.com.

According to the current X CEO, Linda Yaccarino, the X platform will be centered in a global marketplace for ideas through audio, video, messaging, payments, and banking. Additionally, Yaccarino highlighted that the X platform will be powered by Artificial Intelligence (AI), a tech field that has significantly evolved in the past few decades. Yaccarino noted.

There’s absolutely no limit to this transformation. X will be the platform that can deliver, well….everything.

Dubbed the Everything app, the X platform is expected to become a similar version of WeChat in China with more than 1 billion active users.

Why X Platform Matters to the Crypto Community 

As a tech billionaire, Musk has already invested in the blockchain industry through his companies. Furthermore, Tesla Inc. holds Bitcoins worth more than $200 billion that were purchased in early 2021 before the asset hit the peak of $69k. Additionally, Tesla could soon reinstate the payment feature to allow customers to purchase new EV units with Bitcoin. A few years ago, Musk through his SpaceX company announced a moon mission entirely paid for in Dogecoin (DOGE), the leading memecoin with about $10 billion.

Resultantly, Musk has earned the title of the meme godfather, with his crypto tweets having a substantial effect on underlying memecoins. For instance, Floki Inu has in the past few months gained significant momentum after Musk briefly named it the Twitter CEO.  Baby DogeCoin (BABYDOGE) has also gained crypto traders’ recognition after Musk tweeted it in its initial launch stages. Already, Twitter platform was working with top DeFi protocols like OpenSea to verify profile avatars. 

Having announced the launch of the X everything platform, a crypto asset dubbed X, without a direct affiliation with the Musk project, rallied more than 1000 on Monday. However, most crypto traders are closely monitoring Dogecoin price action in anticipation of X integration with the meme coin. Moreover, Musk has severally announced his unfading support for Dogecoin despite being sued by some investors for price manipulation and insider trading.

In a recent interview, Musk highlighted that X could handle half of the world’s financial system, which runs in trillions of dollars.

Elon Musk says if done right, X would become half of the global financial system. pic.twitter.com/HoslcIxRiP

— Watcher.Guru (@WatcherGuru) July 24, 2023

Dogecoin’s Time

Dogecoin could significantly benefit from integration with the X platform, and outshine not only other meme coins in performance but also overthrow top digital assets by market capitalization. Trading around $0.071 on Monday, crypto analysts forecast Dogecoin price could rally more than 23000 percent during the next major crypto bull market.

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Filed under: Bitcoin - @ July 24, 2023 8:20 am