In an exciting twist for cryptocurrency enthusiasts, Dogecoin is poised to gain significant traction as Elon Musk continues to elevate X—formerly known as Twitter—into a comprehensive “everything app.” In a revealing discussion with the Financial Times, CEO Linda Yaccarino announced that users will soon have the opportunity to engage in investments and trades directly within the app, thanks to the forthcoming digital wallet initiative called X Money.
Scheduled for a US launch later this year, this innovative product will partner with Visa to facilitate features such as peer-to-peer transfers and e-commerce checkouts, as well as a new brokerage layer for handling stocks, ETFs, and cryptocurrencies. Yaccarino emphasized that this step aligns with X’s transformation into a versatile financial hub.
“Our vision is that users can manage their entire financial life right through X,” she shared during her presentation at CES earlier this year, hinting at the introduction of an X-branded debit or credit card by the end of the year. Impressively, the company has received money-transmitter licenses in 41 states and D.C., though New York poses a notable challenge, as lawmakers call for consumer protection regulations to protect users.
Dogecoin: A Gateway to the Future
This development is particularly intriguing for the cryptocurrency sector, as the creation of an in-app trading framework is heavily supported by none other than the most vocal proponent of Dogecoin—Elon Musk himself. His affinity for this tongue-in-cheek cryptocurrency dates back to his playful mentions in 2019 and his public persona as “The Dogefather” in 2021, where he even allowed Tesla fans to purchase merchandise using DOGE. A single, fun reply—“D.O.G.E.”—during a Pennsylvania town hall significantly boosted the token’s value by 15% within moments.
However, Musk’s vocal support for Dogecoin took a pause following his appointment to the new Department of Government Efficiency in the Trump Administration. Although he resigned a few months later amid policy disagreements, Musk’s typically active Twitter account saw little mention of DOGE since then.
Yet, the infrastructure for Dogecoin integration is starting to materialize. X’s existing collaboration with eToro allows users to engage with cryptocurrencies directly by clicking a cashtag like $DOGE, simplifying the trading process—a feature implemented quietly a few months ago. The upcoming wallet aims to streamline this experience even further, eliminating unnecessary steps for users looking to trade.
Despite these developments, X faces challenges; advertising revenue is currently down by about a third compared to pre-acquisition levels. While Yaccarino reports that “96 percent of former clients have returned,” the platform still projects revenues reaching only $2.3 billion this year, a modest recovery relative to the $4.1 billion generated in 2022.
Whether Musk will once again tap into his meme-generating expertise to elevate Dogecoin and subsequently boost his company’s earnings remains uncertain. However, Dogecoin holders are undoubtedly optimistic about the potential for a resurgence.
As of now, DOGE trades at approximately $0.168, showing no immediate significant market response to these developments.
