$1 Dogecoin Now A Distant Dream As Elon Musk’s Plan To Add Venmo-Like Payments To X Excludes DOGE

Dogecoin enthusiasts have long speculated whether Elon Musk — the dog-themed crypto’s superfan — would incorporate cryptocurrencies like DOGE into the X social media platform as he looks to create an “everything app.”

However, now it appears that X users won’t be able to use the app to send or receive crypto assets anytime soon. New filings show that while Musk is indeed pushing to debut X payment services, crypto is not included.

No Crypto Plans For Now

Earlier in January, Elon Musk’s microblogging site X (aka Twitter) announced in a blog post that it would launch peer-to-peer payments capability on the platform by the end of this year, and Elon Musk has previously stated it could include cryptocurrencies. 

There has been no official communication on whether DOGE will feature as a payment option, but there have been speculations the dominant meme coin could be included as it is Musk’s favorite cryptocurrency. Moreover, in April last year, Musk teased DOGE payments on X in a post, proposing Dogecoin as one of the payment methods for Twitter Blue, the site’s subscription service with premium features.

However, recent regulatory documents reveal plans for a subsidiary dubbed X Payments, which has obtained money-transmitter licenses in over 25 states in the United States. The anticipated X Payments could give users a payment platform much like Venmo or PayPal — a company Musk co-founded.

Reduced Hopes Of DOGE Hitting $1

Despite Musk showing a high level of enthusiasm for crypto in the past, with Tesla and SpaceX still HODLing 19,794 BTC on their books and Dogecoin being an accepted payment option for merchandise, the centibillionaire has poured cold water on any hopes of crypto integration on X.

In December 2023, he revealed that he spends “hardly any time” thinking about cryptocurrency. Since then, the Tesla/SpaceX CEO has not confirmed if crypto would be used for X payments. 

Notably, the price of DOGE tends to react to payments-related developments at any Elon Musk-owned companies, such as X or Tesla. As such, the report that the much-anticipated X payments service won’t include crypto for now could put a damper on the DOGE price. Nonetheless, crypto aficionados continue to hold out, hoping that Dogecoin and other crypto assets may be incorporated into the payment system later.

DOGE traded for $0.123 at press time, a 1.11% increase in the last 24 hours.