X CEO, Linda Yaccarino, has hinted at the possibility of launching X Money alongside the social media platform's other innovations in 2025. Many expect that X will introduce its own cryptocurrency, given Elon Musk's backing of Dogecoin.
In a mail Welcoming the new year, Yaccarino hinted at new innovations scheduled to arrive in 2025 for X users. She specifically mentioned X TV, X Money and other improvements designed to improve the user experience.
"2025 Yaccarino wrote in her latest work mail It's January. 1.
Many traders commented on Yaccarino's post, speculating that X would offer its own feature currency.
“2025 is the year of $XMONEY, and the community couldn't be more excited!” One account called XMoney Community said, posting a message Amnesty International- Image created Elon Musk Wearing a black X Money t-shirt.
Musk is widely known as an enthusiastic supporter of the cryptocurrency community, especially Dogecoin (Doug). Over the years, Musk has been vocal about his preference for Dogecoin. This has led many to believe that X Money is likely to enter the cryptocurrency space.
The era of social media currencies: X Money, Diem, and TON
X is not the first company to try to create a social media-based currency. In 2018, cable Telegram has launched the Open Network blockchain, or TON (Tons). The project aims to create a fast and scalable blockchain capable of processing millions of transactions. To fund this ambitious endeavor, Telegram has raised approximately $1.7 billion.
Due to opposition from the US Securities and Exchange Commission, which viewed the ICO as an unregistered offering of securities, Telegram eventually halted the project in May 2020. However, a group of open source software developers and Telegram contest winners took over the project, rebranding Cryptocurrency such as Toncoin, or simply TON.
At the time of writing, the ton was up 4.2%, trading at $5.67. TON has a market capitalization of US$14 billion and a 24-hour trading volume exceeding US$174 million. Toncoin has a circulating supply of 2.5 billion tokens, giving it a large presence in the cryptocurrency market.
Although not all social media coins are ultimately successful. dead It tried to do the same thing by launching Diem back in 2019. Originally called Libra, the Diem token was marketed to the public as a stable, blockchain-based payment system. Just like Telegram, the Diem Association also faced many hurdles from regulators who were against the token.
Meta eventually halted the Diem project in 2022, selling all of its assets to Silvergate Capital for $182 million, according to Meta. BBC.
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