Breaking: Elon Musk’s X To Launch Trading App, Dogecoin To Play A Part?
August 03 2023 - 01:49PM
NEWSBTC
According to a recent report by Semafor, the company formerly known
as Twitter (X) is making waves yet again, as it seeks to transform
itself into a financial data giant by building a trading hub within
its app. Will Dogecoin take the center of the stage? Elon Musk’s X
Set To Disrupt Traditional Trading Platforms? In a request for
plans viewed by Semafor and individuals familiar with the matter,
the company outlined its vision for integrating financial content,
real-time stock data, and other features into its platform.
The request emphasizes the power of real-time information in the
world of investing and highlights the enormous user base of
“hundreds of millions of highly-qualified users” that the company
can offer to potential partners. Related Reading: Why The Uniswap
(UNI) Token Is Almost Worthless: Researcher One striking aspect of
the request is the absence of any mention of compensation. Instead,
interested bidders are asked to state how much money they are
willing to commit to the project themselves. This
unconventional approach reflects the company’s determination to
forge a new path and disrupt the industry without relying on
traditional financial partnerships or revenue models. The
comparison to WeChat in China, Gojek in Indonesia, Grab in
Singapore, and Gozem in Africa further illustrates the company’s
ambition. These “super-apps” have transformed the way people
in their respective regions interact with technology, offering a
wide range of services within a single platform. By positioning
itself as the first Western super-app, the company aims to disrupt
the traditional trading platforms. Dogecoin Integration On X’s
Trading App? Twitter’s latest move to introduce a feature allowing
users to access live stock charts by simply searching for a
“cashtag” has sparked intrigue and speculation in the online
community. With cashtag clicks experiencing a remarkable 51%
growth over the past two months, it’s clear that Twitter is onto
something potentially lucrative. This feature could not only
attract users but also generate revenue for the company through
partnerships with data startups like TradingView. Related Reading:
Shiba Inu Notches New Adoption Record In Anticipation Of Shibarium
Launch On the other hand, Musk’s support for Dogecoin has been
well-documented, and now, with the introduction of his new trading
app, speculation is growing about the potential impact on the meme
coin’s price. When writing, Dogecoin is trading at $0.07461,
maintaining its price level for the past 24 hours. Nevertheless,
the introduction of Musk’s trading app has the potential to ignite
a new wave of enthusiasm for Dogecoin, leading to an increase in
its value. However, it’s worth noting that Twitter’s plans to
incorporate a one-click option to buy and sell stocks on eToro, a
competitor to Robinhood, have been delayed. Initially slated
for an April launch, this feature has yet to materialize. The
potential to refer users to a brokerage platform like eToro could
be a significant revenue stream for Twitter, as it seeks to regain
the advertisers it lost after Elon Musk’s takeover. While Twitter’s
foray into financial services and e-commerce may seem like a bold
and innovative move, it is not without its challenges. Other social
media giants in the United States, such as Snapchat and Meta
(formerly Facebook), have attempted similar ventures with little
success. Featured image from iStock, chart from TradingView.com
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