Social media platform X owner Elon Musk is back with another notable update. In a recent announcement, Musk said that X would begin charging a small fee to curb widespread bot activity on the platform, fueling Dogecoin payment narratives to new levels.
Musk, the Tesla supremo, has long been known as a staunch supporter of Dogecoin and has shown his adoration for the token from time to time. The new announcement sparked an influx of Dogecoin payment rumors, sparking speculation about whether Doge could be one of the tokens that X could accept in the near future.
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Dogecoin and X: what’s happening
Social media users on X had a busy day yesterday following the announcement made by Tesla CEO Elon Musk. In a new turn of events, Musk said that X will now start charging a small fee to curb pervasive bot activity on the platform. While some social media users praised Musk’s fee decision, others expressed disagreement. skepticismadding that Musk is undermining X’s popularity by making rash decisions.
However, this development has also given rise to a new speculative wave involving Dogecoin payments. Soon after the ad went viral on X, several social media enthusiasts began reposting the ad with the hashtag #doge. The move has been called suggestive in nature, implying the possibility that Musk is considering doge for X fee payment.
Some users were quick to predict Dogecoin’s integration with X. They claimed that Musk’s affection for Doge could materialize by integrating the token as a payment option for this new fee narrative.
Musk’s likeness for DOGE
This is not the first time that Musk’s tweet has sparked a series of speculations and rumors that have spread wildly.
The Tesla chief is known for posting Dogecoin-centric tweets that indirectly impacted Doge, pushing its price to reach new levels. Musk previously expressed his intention to use Doge as a payment method for X. The development led to X users exploring several use cases for Doge, including integrating the token as the latest payment option on X.
Price analysis
At press time, Dogecoin is up 0.15% over the past 24 hours.
According to CoinCodex, the token could lose 15% by May 16, trading at $0.13, indicating a bearish stance.
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“Dogecoin price could fall by -13.65% and reach $0.135422 by May 17, 2024. According to our technical indicators, the current sentiment is bearish, while the Fear & Greed Index shows 67 (greed ). Dogecoin recorded 14/30 (47%) green days with price volatility of 12.55% over the last 30 days.
reference: watcher.guru