- The Dogecoin community has shown intrigue with Elon Musk hinting at integrating the coin into X.
- X has been securing different payment licenses from different US states.
Popular meme coin Dogecoin (DOGE) clinched its “meme blue chip” status after Elon Musk hinted about the possibility of integrating his Everything App, X with it.
The circle will be complete
pic.twitter.com/QkT7K9QBJF— Elon Musk (@elonmusk) March 25, 2024
Dogecoin’s “Meme Blue Chip” Status
The “meme blue chip” status on DOGE means that it stands out as a key player in the meme coin sector, much like the well-known “blue chip” stocks of the traditional market. Despite this news, as of the latest data from Marketcap, DOGE has slipped by 1.31%, trading at $0.1717, with a trading volume of $2.2 billion, and a market capitalization of $24.6 billion.
The chart shows a double-top pattern, which looks like two peaks standing next to each other, indicating that the price is struggling to move upward. However, if DOGE can get the strength to break through, investors and traders may witness a new resurgence in its price.
At the moment, support is found around $0.14, which is where DOGE usually recovers from dips. Additionally, resistance is currently at $0.19, a point in which DOGE has had difficulty breaking past. Markedly, if Musk’s recent integration plans materialize, DOGE may not only break through this resistance level but also see a surge in value that would validate its “blue chip” standing in the meme coin space.
Being the “meme blue chip” means that DOGE has solidified its position as a reliable and stable symbol in an industry notorious for its instability. DOGE continues to lead the meme coin movement, whether it is preparing for another round of extremely high valuations or stabilizing itself for long-term growth.
In line with what Crypto News Flash previously disclosed, DOGE saw a remarkable boost in its price after Elon Musk’s X Payments obtained licenses to provide money transmitter services in Illinois, New Mexico, and Oregon.
Musk Makes Progress With X
The recent acquisition of licenses has reignited the debate about incorporating Dogecoin into X, the social media platform owned by Elon Musk. To add to the discussion, the Chief Technology Officer (CTO) of MyDoge Wallet, Alex Lewis disclosed in December that X has made great progress toward providing payment services since acquiring a money transmitter license from Pennsylvania.
This suggests that users will be able to pay for services directly through the website by connecting their bank accounts, as well as be able to view their Dogecoin balance and tip others. According to a prior report by Crypto News Flash, Musk’s vision for X has the potential to make the platform among the most valuable financial companies in the world.
Linda Yaccarino, CEO of X has also disclosed that the platform’s vision extends beyond traditional microblogging activities, but includes a go-to platform for a variety of services, including payments, creator tools, shopping, and more. This is in addition to expectations of integrating AI-powered experiences into the platform.
Credit: Source link
