Elon Musk’s X Payments Get New License In Louisiana, DOGE Rally To Continue?

Tech enthusiasts are abuzz with excitement as Elon Musk’s X Payments secures yet another feather in its cap with a newly acquired payment license in Louisiana. The latest development adds to the momentum of X Payments, following last week’s acquisition of three additional money transmitter licenses across various U.S. states.

However, amid the fervor, speculation looms regarding the potential impact on Dogecoin (DOGE) and its ongoing rally.

Elon Musk’s X Payments Receives License In Louisiana

X owner and Tesla CEO, Elon Musk’s ambition into the payments realm is evidenced by X Payments continuing its expansion. Meanwhile, X Payments has recently received a Sales of Checks and Money Transmitters license from Louisiana, according to X Daily News.

Notably, this milestone further solidifies X Payments’ foothold in the U.S. market. The Elon Musk-owned social media giant now holds licenses in 23 U.S. states and awaits approval from the other states. It’s worth noting that X has applied for the money transmitter licenses in 32 states.

Meanwhile, the news of X Payments’ Louisiana license has reignited discussions within the crypto community, particularly concerning Elon Musk’s rumored inclination towards embracing cryptocurrencies like Dogecoin as a payment option. While no official confirmation has been made, the prospect of DOGE integration with X Payments has fueled optimism, contributing to a notable surge in Dogecoin price.

As investors speculate on the potential synergy between X Payments and DOGE, the meme coin’s rally reflects growing market confidence, albeit amid a backdrop of recent volatility.

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Will Dogecoin Price Continue Its Momentum?

In a previous interview with Ark Invest’s Cathie Wood, Elon Musk said that he anticipates the X payment features to go live by mid-2024. Although there is no confirmation about the integration of cryptos, speculations loom large.

Meanwhile, Elon Musk is known for his interest in the cryptocurrency industry. In addition, he has also promoted Dogecoin previously in many cases, reflecting his interest in the meme coin. Besides, recent hints from the Tesla CEO regarding the possibility of accepting Dogecoin as a payment method for Tesla vehicles have further fueled speculation about the cryptocurrency’s broader adoption.

As X Payments expands its reach and Musk’s influence looms large, the prospect of DOGE integration gains traction, with investors closely monitoring developments. While the Louisiana license marks a significant milestone for X Payments, its implications for DOGE’s future utility remain speculative, underscoring the dynamic interplay between technological innovation and cryptocurrency adoption in today’s digital landscape.

Meanwhile, as of writing, the Dogecoin price was up 8.34% to $0.2169, while its trading volume rose 17.28% to $5.86 billion. Over the last 24 hours, the meme coin has touched a high of $0.2266 and a low of $0.1986.

Also Read: Cardano Founder Charles Hoskinson Offers Spicy Take On Sam Bankman-Fried Case

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Rupam Roy

Rupam is a seasoned professional with three years of experience in the financial market, where he has developed a reputation as a meticulous research analyst and insightful journalist. He thrives on exploring the dynamic nuances of the financial landscape. Currently serving as a sub-editor at Coingape, Rupam's expertise extends beyond conventional boundaries. His role involves breaking stories, analyzing AI-related developments, providing real-time updates on the crypto market, and presenting insightful economic news. Rupam's career is characterized by a deep passion for unraveling the complexities of finance and delivering impactful stories that resonate with a diverse audience.