Outside Source
The CEO of X, Linda Yaccarino, has hinted at the possibility of launching X Money along with other innovations for the social media platform in 2025. Many speculate that X will introduce its own cryptocurrency, given Elon Musk’s support for Dogecoin.
In a post welcoming the new year, Yaccarino alluded to new innovations set to arrive in 2025 for X users. She specifically mentioned X TV, X Money, and other enhancements designed to improve user experience.
“2025 X will connect you in ways never thought possible. X TV, X Money, Grok and more. Buckle up. Happy New Year!” wrote Yaccarino in her latest post on Jan. 1.
Many traders commented on Yaccarino’s post, speculating that X will introduce its own currency.
“2025 is the year of $XMONEY, and the community couldn’t be more excited!” said one account named XMoney Community, posting an AI-generated image of Elon Musk wearing a black X Money shirt.
Musk is widely known as an avid supporter of the crypto community, particularly Dogecoin (DOGE). Over the years, Musk has been vocal about his favoritism towards Dogecoin. This has led many to believe that X Money could potentially enter the cryptocurrency sphere.
The age of social media currencies: X Money, Diem and TON
X is not the first company to attempt to create a social media-based currency. In 2018, Telegram launched the Telegram Open Network blockchain, or TON (TON). The project aimed to create a fast, scalable blockchain capable of processing millions of transactions. To fund this ambitious endeavor, Telegram raised approximately $1.7 billion.
Due to opposition from the U.S. Securities and Exchange Commission, which deemed the token’s ICO as an unregistered securities offering, Telegram eventually halted the project in May 2020. However, a group of open-source developers and Telegram contest winners took over the project, rebranding the cryptocurrency as Toncoin, or simply TON.
At the time of writing, TON has risen by 4.2%, trading at $5.67. TON has a market cap of $14 billion and a 24-hour trading volume exceeding $174 million. Toncoin has a circulating supply of 2.5 billion tokens, giving it a significant presence in the cryptocurrency market.
Though not all social media currencies end up succesful. Meta had tried to do the same by launching Diem back in 2019. Originally named Libra, the Diem token was marketed to the public as a blockchain based stablecoin payment system. Just like Telegram, the Diem Association also faced many hurdles from regulators who were against the token.
In the end, Meta discontinued the Diem project in 2022, selling all its assets to Silvergate Capital Corporation for $182 million, according to the BBC.
This article first appeared at crypto.news
