X Payments Expands US Licensing, Dogecoin Price Surges 33% as a Result

NAIROBI (Coinchapter.com) – Dogecoin, a cryptocurrency often championed by Elon Musk, has become a hot topic of discussion. X, Musk’s “everything app,” is steadily expanding its payments footprint with new licenses across the US. This development fuels speculation about the potential integration of crypto payments, specifically Dogecoin, into the platform.

X Payments Expands Licensing, Speculation Mounts

Desire: The recent price surge of Dogecoin can be attributed to X’s aggressive expansion of its payment services across multiple states. According to Mishaboar, a prominent voice in the Dogecoin community, X (previously Twitter) has been actively pursuing money transmitter licenses, a crucial step towards enabling cryptocurrency transactions on the platform.

Early this month, Elon said X is very close to landing a money transmitter license in California. Getting the license in NY will still take a few months,” Mishaboar stated, encouraging community members to track the licenses awarded to X across the United States on the NMLS website.

On March 13, During a public interaction at Tesla’s Berlin Gigafactory, Musk entertained the possibility of Tesla adopting Dogecoin as a payment method, stating,

“At some point, I think we should enable that.”

DOGE’s Notable On-Chain Activity Uptick

Concurrently, Dogecoin’s on-chain metrics indicate a vibrant shift in its network dynamics, drawing market attention. There’s been a significant uptick in transaction volume, large-scale whale movements, and the age of DOGE held.

On-chain data provider Santiment reports a dramatic surge in active Dogecoin transactions, soaring from 1.11 billion to 5.4 billion, signaling heightened engagement with the memecoin. According to the insights revealed by Whale Alert, a blockchain tracking platform, 333.1 million DOGE was shifted in the past 24 hours.

The first transaction involved a whopping 250 million coins. These coins, worth $49.49 million, were transferred by an unknown address to Robinhood. On the other hand, the second transaction revealed a different story. In this case, an unknown address accumulated 83.10 million DOGE from the same exchange. This activity stirred speculations of mixed sentiment among whales for Dogecoin. However, usual market sentiments still reflected a growing sense of interest among whales in this particular asset.