Billionaire Elon Musk recently posted a video on Twitter mentioning that he would link Twitter to X.com, which attracted 64.9 million traffic. Tech media revealed that he is preparing to launch an interstellar trading cryptocurrency. However, given that Musk has previously stated that he will not create any cryptocurrency, there is widespread speculation that he will allow Dogecoin payments.
"The circle will be complete," Musk wrote.
In the video he shared, it can be found that Musk is actively linking Twitter, which has now been renamed X, with his former payment company X.com.
Major crypto exchange Kraken responded to calls that Musk should integrate cryptocurrency trading, fueling speculation that Musk will allow users to pay with Dogecoin.
However, based on X Payments’ recent check sales and money transfer license in Louisiana, as well as the lack of a virtual currency business license, the platform will not support cryptocurrencies at its initial launch.
Tech Report reported citing sources that Musk is launching a cryptocurrency for interstellar trade, a move that the community has been waiting for for years. Whether this ambitious venture is feasible, the market is still waiting for an official announcement.
Musk tweeted in 2023 that none of his companies would create cryptocurrencies.
The post warned that the XAI tokens appearing on the market actually have nothing to do with Musk’s new artificial intelligence company xAI.
However, the idea and implementation of a new cryptocurrency that will reportedly be used for interstellar trade appears to come directly from Musk.
Although there is no evidence of Martian existence to date, Musk plans to use "interstellar cryptocurrency" to facilitate trade between Earth and the future Martian colony after SpaceX sends 1 million settlers to the red planet.
Assuming the launch is successful, the market can expect Musk's cryptocurrency to be used on other planets as well, and at some point, even in other galaxies.
One million inhabitants should be enough for the new Mars colony to survive without any support from Earth, although Musk's original vision included a seamless flow of goods between the two planets.
In this case, Musk's coin would have to address issues such as communication delays, as the delay between Earth and Mars could be anywhere from 4 to 22 minutes.
Analyst: Dogecoin is facing a massive bull run
According to a recent tweet by cryptocurrency analyst Ali Martinez, Dogecoin currently reflects the pattern it followed between 2018 and 2021.
Dogecoin reached $0.7376 in 2018.
This historic peak was reached against the backdrop of Bitcoin’s peak in April of that year, and also due to Musk’s support for Dogecoin when he debuted on SNL.
Now, Martinez believes that if Dogecoin does follow the same pattern, it could be in for a “massive parabolic bull run.”
