Dogecoin’s (CRYPTO: DOGE) official X account encouraged businesses on Wednesday to adopt DOGE payments to avoid paying credit card fees amid Elon Musk’s ‘X Money’ payments beta rollout.
‘Just Accept DOGE’
The popular memecoin asked, “If you run a business, just accept Doge. Why pay a 2-3% fee to a credit card company?”
Exact global figures are hard to ascertain due to varying regional data, but in the U.S. alone, credit card firms earned $148.5 billion from merchant fees in 2024, according to a Motley Fool report.
Meanwhile, the Dogecoin network has collected $962,000 in transaction fees over the last year and $5.6 million over the last three years, according to data from Token Terminal. The average transaction fee stood at $0.03 as of this writing, as reported by BitInfoCharts.
DOGE Better Than X Money’s Debit Card?
The post comes in the wake of the beta rollout of the X Money feature as part of Musk’s ambitious “everything app” vision.
The payment service offers a personalized metal debit card to users, claiming to have zero foreign transaction fees. Actor William Shatner previewed the service earlier this week, sharing screenshots of the service’s user interface and other features.
The “Star Trek” star said he’s endorsing “X Money” only to raise money for his charity, denying allegations of him being the “poster child” of the service.
“If I were the “poster child” of X money I’d be up to my eyebrows in Teslas & Starlink stock,” he said cheekily.
Musk has been an avid supporter of Dogecoin, and his social media posts have routinely sent the cryptocurrency rallying. In fact, Tesla previously accepted DOGE payments. Last year, he expressed a desire to reinstate the option for the company’s merchandise.
These developments coincided with a sharp rebound in DOGE prices. At one point, the dog-themed memecoin climbed up to 15% higher before easing later in the day.
Price Action: At the time of writing, DOGE was exchanging hands at $0.09643, up 7.35% in the last 24 hours, according to data from Benzinga Pro.
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