The transformation of X, previously recognized as Twitter, is in full swing as it evolves into a comprehensive social and financial ecosystem. On August 28, 2023, Elon Musk’s social media platform secured the Rhode Island Currency Transmitter License, marking a pivotal moment in its journey. This license empowers X to offer both traditional and cryptocurrency payments to its users, signaling a significant shift in its capabilities.
Effects and Talk in the Market about How X is Changing
Following this milestone announcement, Dogecoin (DOGE) experienced a notable surge of 4.20%, with its trading price reaching $0.065 and achieving a new weekly high at $0.067997. This digital payments license equips X Corp with the authority to oversee transactions on behalf of its users. This encompasses tasks such as transferring, storing, and exchanging digital assets within X Corp’s suite of products. Essentially, X can now operate like a cryptocurrency exchange or a payment platform.
The crypto community has been abuzz with speculation about the potential impacts of this development on the broader market. A crypto trader shared insights, stating:
“This could be a significant stride towards mainstream adoption.”
The trader emphasized the ease of using recognizable names for receiving crypto, in contrast to complex sequences, which many see as a straightforward concept. Both DOGE and FLOKI experienced positive surges upon the release of this news.
Dogecoin’s Special Role and Floki’s Collaborative Venture
Elon Musk’s affinity for Dogecoin, the prominent meme coin with global market capitalization, is no secret. Many members of the DOGE Army envision it becoming a central element of Twitter’s new financial ecosystem. The announcement of X’s currency transmitter license further supports the notion that DOGE could play a significant role in this unfolding transformation.
On another front, Floki made strides by joining forces with ARBDoge AI to integrate FlokiFi Locker into the AIDOGE launchpad. This collaboration aims to reshape the modus operandi of new cryptocurrency projects operating on Binance Smart Chain (BSC). The partnership between Arb Doge AI and Floki aims to usher in a new paradigm.
This enhanced liquidity infrastructure facilitates the locking of essential tokens for the initial launch on Floki Locker. This mechanism operates on a buy-and-burn protocol, accounting for 25% of transaction fees. With this approach, Floki remains aligned with its deflationary tactics, having witnessed a remarkable 71% annual growth despite the overall volatility of the crypto market.
About Dogecoin
Dogecoin (DOGE) stands as an open-source, peer-to-peer cryptocurrency. It entered the scene in December 2013 as an altcoin, featuring a logo depicting a Shiba Inu dog. Derived from Litecoin, Dogecoin’s blockchain boasts technological strength. The cryptocurrency operates on a scrypt algorithm, known for its unique features: affordability and limitless availability.
Final Thought
The evolution of X into a comprehensive social and financial platform marks a turning point in the world of cryptocurrencies. With the acquisition of a currency transmitter license, X is poised to usher in new ways of financial interaction within its ecosystem. While Dogecoin takes center stage as a potential linchpin, Floki’s strategic collaboration adds further depth to the evolving landscape. These developments undoubtedly fuel excitement and anticipation within the crypto community as the industry marches forward into a new era of possibilities.
Ken Emmanuel is a Blockchain Content writer, a Web3 Enthusiast and a Social Media Management Strategist, he likes writing educative contents to help people gain more knowledge and get inspired. The growth of any organization he work with is always his priority. He is a Geographer by profession and loves reading.
