Dogecoin could be on the cusp of a monumental price rally, with crypto analysts projecting a potential 700% uptrend towards the $1 mark, as X (formerly Twitter) includes the coin in X payment integration. The new X Payments feature is aimed at fostering greater financial inclusivity and crypto adoption.

Christopher Stanley’s post on X

According to Christopher Stanley, X’s Chief Information Security Officer, the X payment integration functionality will enable users to seamlessly send and receive funds from other X users, mirroring popular money transfer applications like Venmo. However, Stanley’s vision extends far beyond simple peer-to-peer financial transactions, hinting at the ability to earn interest, purchase products, and eventually use the platform for in-store purchases akin to Apple Pay.

“Think Venmo at first,” he stated. “Then, as things evolve, you can gain interest, buy products, eventually use it to buy things in stores (think Apple Pay).”

Dogecoin’s Path to $1

Dogecoin’s price trajectory has been closely watched. The meme cryptocurrency is currently trading at $0.1574, down 2% in the last 24 hours and 78% below its all-time high of $0.7376 on March 8, 2021. However, recent developments involving X (formerly Twitter) have ignited bullish sentiment surrounding Dogecoin’s prospects.

DOGE/USD 1-day price chart. Source: X

Crypto analyst Ali Martinez has shared a promising prediction for Dogecoin’s price trajectory. Martinez pointed out that Dogecoin has a recurring pattern of consolidating after breaking out from a descending triangle formation.

Based on historical trends, Martinez predicts a major Dogecoin rally, forecasting a potential 700% surge towards $1. This ambitious target would shatter Dogecoin’s previous all-time high of $0.7316 set in May 2021. Martinez’s optimism is based on historical trends within the cryptocurrency’s price movements.

Ali price prediction. Source: X

Moreover, on-chain data reveals bullish signs for Dogecoin. 82% of holders are in profit, and large holders control 64% of the supply. Additionally, strong trading activity is evident, with a weekly inflow of $289.81 million and an outflow of $314.81 million.

X Payments Acquires Money Transmitter Licenses Across US

Certainly, adding fuel to the bullish sentiment surrounding Dogecoin is X’s recent acquisition of money transmitter licenses in half of the US states. This move paves the way for enhanced monetization opportunities for X creators. It will allow users will be able to save, send, and potentially earn money or crypto directly on the platform.

Alex Finn, a key figure within the X community, emphasized the transformative nature of these licenses:

“This development allows X to function as a digital wallet. Users can now effortlessly send money or cryptocurrency and even monetize content through instant tips or sales of digital goods on the platform.”

Above all, as X continues to evolve and embrace cryptocurrencies, the stage is set for Dogecoin to potentially reclaim its former glory. In fact, with analysts like Ali Martinez predicting a significant price rally and X Payments integration to integrate a crypto wallet, the meme-inspired coin may once again capture the imagination of investors and enthusiasts alike.

The post X Payment Integration Includes Dogecoin Feature appeared first on CoinChapter.

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Filed under: Bitcoin - @ April 24, 2024 12:36 am