Elon Musk, entrepreneur and Tesla CEO, recently hinted at the potential integration of Dogecoin into X’s payments ecosystem during an interview with Ben Shapiro.
X, formerly known as Twitter, is described by Musk as the ultimate version of what PayPal should have been, with an anticipated payments feature set to launch later this year.
X Payments LLC is the payment subsidiary of X, it secures money transmission licenses across the United States and has gained approval in 14 states according to records on the Nationwide Multistate Licensing System website.
The establishment of a dedicated account for the X payments feature, displayed with a gold verification badge, further fuels speculations about X’s upcoming payments service. The timeline for the introduction of in-app payment services is projected around mid-2024, raising questions about potential cryptocurrency support.
While the specifics of X’s payment feature remain undisclosed, the community speculates about the integration of Dogecoin (DOGE), given Elon Musk’s previous integration of DOGE in Tesla’s merchandise store and occasional social media posts about the cryptocurrency.
In April 2023, Musk suggested the possibility of DOGE payments on X, particularly for the platform’s subscription service offering premium features. This has sparked anticipation within the Dogecoin community about its potential integration with X’s in-app payment services.
Investors and enthusiasts are also considering the likelihood of other cryptocurrencies, such as SHIB and SPONGEV2, being integrated into X based on recent market trends.
SHIB’s Potential Integration and Market Trends
Investors are hopeful that Shiba Inu (SHIB) might be integrated into X, given its recent market activities. According to IntoTheBlock data, SHIB has seen a 99% increase in large transaction volume, indicating heightened activity among whales in the last 24 hours.
Shiba Inu, known for its meme coin status, faced a decline in large transaction volume after reaching 20.2 billion SHIB on January 24.
However, recent data shows a notable increase from 490.5 billion SHIB on February 1 to 973.25 billion SHIB on February 2.
SHIB’s price action has experienced fluctuations, with a recent rebound from the lows of $0.00000878. It is currently trading at $0.000009, showing resilience and potential for further growth if bullish momentum is maintained.
Shiba Inu’s Layer 2 Shibarium continues to grow, with a total of 330 million transactions. Despite occasional market challenges, SHIB remains actively involved in ambitious projects, including the development of its decentralised exchange, NFT art initiatives and ventures into the metaverse.
SPONGEV2’s Performance and Anticipation for Integration
Sponge V2, a meme coin operating on the Ethereum blockchain, has garnered attention for its potential integration into X. Recent discussions and analyses suggest that Sponge has a 10 to 20x potential, building on its past performance during the V1 launch in May 2023.
Sponge V2’s imminent launch promises listings on larger exchanges, with a total State and Bridge quantity of $4.3 million, indicating significant interest in the coin.
The coin’s recent uptrend, a 52% pump followed by a 20% correction, coupled with a $23.2 million market capitalisation, adds to the speculation about its potential integration into X.
The roadmap for SpongeV2 includes plans for tier-one exchange listings, the launch of a game app and aiming for a $100 million market cap, signalling ambitious goals for $SPONGEV2.
Community engagement and the anticipation surrounding Sponge’s future endeavours contribute to its resilience in the market.
Sponge’s Migration to Polygon for Enhanced Security
In related news, Sponge has announced its migration to SPONGE V2 on the Polygon network following a security incident. The move aims to improve security, reduce fees and launch a Play-to-Earn game on a scalable blockchain. The strategic shift responds to a recent liquidity pool attack on Sponge.
Sponge’s transition to the Polygon network is expected to offer faster and cheaper transactions, addressing the limitations of the Ethereum blockchain. The move aligns with broader industry trends, where projects seek scalable and cost-effective solutions.
Market Impact and Expectations for Integration
SPONGE V1, the precursor to SPONGE V2, launched at $0.000025 and is currently priced at $0.000509, representing a Return on Investment (ROI) of 2,034%. The community speculates about $SPONGEV2 surpassing the previous all-time high of SPONGE V1 and its potential integration into X adds an additional layer of interest.
Despite broader market declines in meme coins, Sponge has demonstrated resilience, recording a 9% price rise amid preparations for the SPONGE V2 launch.
The strategic shift to the Polygon network positions Sponge for a more secure and efficient blockchain environment, potentially aligning with X’s criteria for cryptocurrency integration.
