X Money Launches Without Dogecoin, Fiat-Only Service Sees DOGE Price Plummet

Elon Musk unveiled X Money, a financial service integrated into the social network X, which turns the platform into a fully-fledged banking alternative. The service includes savings accounts, instant payments, passwordless access via passkeys, and Visa debit cards with no foreign transaction fees.

X Money operates exclusively with fiat money due to concrete regulatory reasons. To enable the service legally, X Payments had to obtain money transmission licenses in dozens of U.S. states, which would have complicated incorporating a volatile cryptocurrency like Dogecoin into the process.

The absence of Dogecoin from the X Money ecosystem has direct consequences on its price. The DOGE/USDT pair currently trades near $0.07466 and has fallen 25% over the past month, with an RSI sitting at 22.64 in deeply oversold territory.